I recently purchased a house for $125k, currently the mortgage balance is $100k, but value increased during COVID to ~$210k. I am expecting to earn a lump sum of money, enough to pay off the mortgage in its entirety, plus car loan, which would leave me debt free.
Though I'd like to be debt free, we may consider moving to another city where the properties are significantly more expensive, perhaps a year later. That would likely require another mortgage of at least $150k, as the smallest houses start at $350k.
Is there any disadvantage to be found from paying off a mortgage, and then a year later, moving anyway to a different house?