Flipping and Financing - Mortgage

[Cameron Daste]

Hi All - 

New to the site. Happy to be here! 

Have a question regarding the financing of a flip. I'm in the Pacific Northwest where home prices are quite high. From what I've learned so far, flips are generally considered one of the better investments in this type of market (please feel free to correct me if my understanding is wrong!). I'm trying to understand how the financing works; Let's say I get a mortgage on the property, but only own for 6 months, as I've purchased, renovated, and made the sale to the next owner. What happens to the remainder of the mortgage in this scenario? Does the new sale cover my prior mortgage?

Thanks in advance and looking forward to engaging more on this site!

-Cameron