Loans for Moving or Upgrading Your Home
Whether your family is growing, or you got a great promotion, or you just want to experience something new, there are many reasons for moving or upgrading to a larger or different home. As your family and financial needs grow and change, your home should evolve as well.
With today’s favorable prices, it’s a great time to consider buying your next home. The 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 to accommodate your social life and hobbies.
- Career Changes: Changes in your career may make it necessary to relocate to a new area.
- More luxurious amenities: Additional income may allow you to upgrade to a more luxurious home.
- Manageable space: If you want to downsize or simplify your life, you may be ready to consider a smaller home.
So if you're thinking of moving, or buying a vacation home or 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 home financing will let you know how much you can afford to spend, and give you the confidence of shopping as a qualified cash buyer.
Things to consider as a move-up buyer
Buying a new home is a large investment and requires special consideration. Before making this important decision, please take the time to think about the following:
- Requirements for a new home: Think carefully about whether a new home will fulfill all your present and future needs.
- Cost of selling your current home: In order to sell your home, you may need to invest in structural or cosmetic upgrades to make it appealing to buyers. Also, don’t forget real estate commissions and marketing costs if you are selling the home yourself.
- Moving costs: Will you incur the cost of temporary storage for your personal items while showing your home to potential buyers? Remember to include those costs as well.
- Selling price for current home: Make sure your home is priced realistically, so you can sell it faster. Money you receive from the sale of your current home can be used toward a down payment on your new home.
Once you’ve decided that moving or upgrading is the right choice for you, our licensed loan specialists can offer you many types of mortgages. Along with our flexible home financing options, varied down payment programs, and ability to close your loan fast, we'll help make buying your next home an uncomplicated and rewarding process.
Types of Mortgages
Buyers looking to upgrade to a new home have plenty of types of mortgages available such as FHA Home Loans, VA Home Loans, Conventional, Jumbo Mortgage 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.
Contact a New American Funding home loan specialist today to get a quote for your new home mortgage.