Moving from one mortgage (and house) to another might seem like a balancing act, but the fact is that M&T Bank processes loans like these every day. It's very common for families to take on a new mortgage while they're saying goodbye to a previous one. We'll work with you to manage situations like this. We can't help move furniture, but maybe we can help move money.
If you're selling your existing home — and need the proceeds of that to fund your new home — you'll need to provide your closing statement. Sometimes, these are called settlement documents. You receive these papers at closing, and they verify that you've paid your old mortgage in full.
Be prepared for purchase contingencies. That means if you have someone ready to buy your home but they pull out as you've got one foot and half a leg out the door, you can get your deposit back from the other home you're buying.
And if you're closing on your old home on the same day that you're closing on your new home, that's OK! We'll just ask that you bring your settlement paperwork with you to your new home's closing.