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Author: Ilby One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 886558  
Subject: Question about selling the house Date: 5/27/2013 1:03 AM
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Because of my husband’s job we have to move. We are selling our house and moving into a rental apartment near his work place. The moving date is July 1st, whether we sell the house or not. We just found out about this, and didn’t yet put the house up for sale. It might take a week or two to get it in shape for showing, and we are planning to try to sell it without a realtor.

We realize it might take some time for the house to sell, and we are a little worried that it might be hard paying both the mortgage and the rent for a few months until the house sells. We are pretty close to the end of our 15 year mortgage, and actually have the funds to pay off the mortgage now. The money is sitting on the (former) Orange account, now Capital One 360, earning less than $20 a month. This is not our emergency fund. It is a separate money saved for the down payment for the new place we hope to eventually buy (together with the money we clear from the house sale).

In light of this, does it make sense to pay off the mortgage in June? Then we will not be in a hurry to sell, even if it takes a few months, or if the buyer can’t get to close the deal as fast as we would like. The house is a condo, so we can’t rent it, and we still have to pay the condo fees, but at least we won’t have the mortgage. It seems logical to do that. Are there any reasons not to do it?
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