Loans for Moving or Upgrading Your Home
Whether your family is growing, you got a great promotion, or you just want to try something different, there are many reasons for moving or upgrading to a new or larger home. As your family and financial needs grow, your home should change as well. With today’s favorable prices, it’s a great time to consider buying your next home. Your benefits of being a move-up buyer in this market include:
- Gaining additional space: Perhaps you need extra room for your growing family or more space for hobbies or social life.
- Shorter commute times: Career changes may make it necessary to move to a new area.
- More luxurious amenities: Additional income may allow you to purchase a home with plenty of upgrades.
- Manageable space: If you want to downsize or simplify your life, you may be ready to consider a smaller home.
No matter why you’re thinking about moving, even if you’re buying a vacation home or buying an investment property, your first step should be to talk with a New American Funding professional about getting a free up-front credit approval. Getting pre-approved for a loan will help you understand how much you can afford to spend and give you the security of shopping as an existing cash buyer.
Things to consider as a move-up buyer
Buying a new home is a large investment and requires special consideration. Before you decide it’s time to move, take the time to think about the following:
- Requirements for a new home: Before buying, think carefully about whether a new home will meet your future needs.
- Cost of selling your current home: In order to sell your home quickly, you may need to invest in structural or cosmetic upgrades to make it appealing to buyers. Don’t forget real estate commission or marketing costs if you decide to sell the home yourself.
- Moving costs: Will you incur the cost of temporary storage for your personal items while showing to potential buyers? Remember to add those in to your costs.
- Selling price for current home: Money you receive from the sale of your current home can be used toward a down payment on your new home. If your home is priced realistically, you may be able to sell it faster.
Once you’ve decided that moving or upgrading is the right choice for you and your family, our licensed mortgage lender specialists can offer a full range of flexible financing options, varied down payment programs, and our exclusive 21-Day Close Guarantee to make buying your next home a straightforward and rewarding experience.
Loan options
Buyers looking to upgrade to a new home have plenty of loan options available such as FHA Home Loans, VA Home Loans, Conventional, Jumbo Loans and Super Jumbo loans. Each option has its advantages based on the amount of money you have for a down payment, your financial stability and how much you want to pay each month. Get a quote for your new home mortgage today, or contact a mortgage specialist for more information.