Financing Your Next Home
- Determine What You Can Afford
Each buyer is unique - and we'll help you find out just what you can afford. You already know that monthly income and financial obligations are most important in determining your price range.
- Buying a Second Home
You'll need to identify sources for your down payment, since you're not selling your current house and using the proceeds, and you'll need to expect a larger monthly obligation for housing expenses. Work with your lender to create a customized loan program with the best combination of rate, points, and closing costs for your needs.
- Less-than-perfect credit report?
Don't worry, there are options that are ideal for those who have a few "dings" on their credit report. Work with your lender to develop an individual mortgage program based on your unique credit worthiness.
- New Home Appraisals
Some situations may qualify for a more streamlined loan process. Your credit history will help determine if your loan application can be completed without an appraisal.
- Private Mortgage Insurance (PMI)
Loan programs for down payments of 20% or less require you to purchase Private Mortgage Insurance (PMI).
- Selling Your Current Home
You may qualify for a new loan without even selling your current home. It's simple to run the numbers for yourself on our Affordability Calculator. You may also want to discuss a bridge loan with your mortgage company.
- New Construction
If you are working with a builder within a sub-division or development and just making carpeting, lighting and appliance selections for a brand-new home, you can probably obtain a standard mortgage loan. But if you're hiring contractors, electricians, plumbers, and painters, you probably need a construction loan, which provides funds to pay subcontractors as work progresses.