Buying My Next Home

Learn more about moving on to your next home or buying a second home - Q&A for Repeat/Experienced Buyers:

I want to move up to a better home. What can I afford?

Each buyer is unique and your mortgage provider will 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.

I am buying a second home. Is it a different process?

No. Whether you need to be near the beach or in the hills, a second home offers an opportunity for investment, or fun and relaxation, and it is usually a straight forward process to obtain a loan. Keep in mind though that you will need to identify sources for your down payment, since you are not selling your current house and using the proceeds, and you will need to expect a larger monthly obligation for housing expenses.

Will I need an appraisal on my new home?

Not necessarily. You may qualify for a more streamlined loan process. Your mortgage provider will look at your credit history and consult our property assessment model to determine if we can complete your loan application without an appraisal.

What if I do not sell my current house?

You may qualify for a new loan without even selling your current home. Your mortgage provider will help you determine what might work for you.

What if I'm building a home?

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.

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