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If I have 430,000. owing on my mortgage and I want to buy another house for 430,000. can i do a straight port ? If so does that requier another down

 
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anonymous


I owe 430,000. on my house and want to buy another for 430,000. what will happen when doing a straight port ? Do I need another downpayment?
0     In Mortgage Cont.03

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    Q. When i sell a property does the money go straight to my mortgage lender?


    Short answer is yes; lawyer organizes the distribution or disbursement of funds from the sale proceed including paying all lien holders of the property. You would only get the net amount after everything is paid off.

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    Can you help us by answering one of these related questions?
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    Q: If i have 430,000. owing on my mortgage and i want to buy another house for 430,000. can i do a straight port ? if so does that requier another down?
     

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