Mortgage & Financing FAQ: Questions New York Homeowners Ask
Hudson River Realtors | Referral Network Serving New York State
How does my mortgage get paid off when I sell?
Your lender provides a payoff statement, and the exact amount is deducted from sale proceeds at closing. The title company or attorney handles the payment directly.
What if I owe more than my home is worth?
You can bring cash to closing to cover the shortfall or pursue a short sale with your lender's approval. Consult your attorney to understand your options and implications.
Should I accept a lower cash offer over a higher financed offer?
Sometimes. Cash offers close faster, have no financing or appraisal contingency, and are more certain. Calculate net proceeds for each scenario — the lower cash offer may net you more after carrying costs and risk.
What are seller concessions?
Contributions you make toward the buyer's closing costs. They reduce your net proceeds but can enable buyers to purchase at a higher price. Each loan type limits the concession amount.
Does the buyer's loan type affect me?
Yes. FHA and VA loans have specific property condition requirements that may require repairs. Different loan types also affect timeline, appraisal standards, and closing certainty.
Is my mortgage assumable?
FHA and VA loans are generally assumable with lender approval. If you have a low interest rate, an assumable mortgage can be a selling point. Contact your lender to confirm.
What is a short sale?
A sale where the lender accepts less than the full mortgage balance. Required when you owe more than the home is worth and cannot bring cash to closing. Requires lender approval and specialized agent experience.
How long does buyer financing take?
Conventional and government-backed loans typically take 30-45 days from application to closing. Cash transactions close in 14-21 days. Delays in underwriting can extend the timeline.
How can Hudson River Realtors help?
We connect you with agents who understand how financing affects your sale, can evaluate offers by financing strength, and navigate complex situations like short sales or assumable mortgages. The referral is free.