Your Next Home

  • Benefits of Buying Your Next Home – Your homebuying goals are as unique as you. The potential financial and personal benefits that go along with buying your next home may include:
    • Gaining additional space. Perhaps you’ve outgrown your existing home and need more space for your family, hobbies, or your social life.
    • A more manageable space. If you want to downsize or want to simplify your life, you may be ready to consider a smaller home.
    • A quicker commute to a new job opportunity. Career changes may make it necessary to move to a new area and find a new home.
    • Enhanced luxuries or upgrades. Additional income may allow you to purchase a home with additional amenities.
  • Things To Consider – A home is one of the largest purchases many people make. Like any major decision, buying a home requires careful considerations:

Be clear about your purchasing reasons

  • Is your family changing?
  • Are you down-sizing?
  • Do you need to relocate for a new job?
  • Are you moving to a new location?
  • Do you want certain amenities or features that your current home lacks?

       Estimate the cost of selling your current home – Before pricing your home, calculate sales costs,

        including:

  • The cost of repairs needed to maintain your home’s value. If you have a leaky roof, or need electrical or plumbing work, your sales price is likely to be lower to cover those costs. Consider hiring a home inspector to uncover any hidden problems.
  • Making cosmetic improvements to increase the ‘curb appeal’ of your home. Relatively lower cost items, such as painting or landscaping, can make your home more appealing to potential buyers.
  • The amount you will pay in real estate commission. Real estate agents receive a percentage of the home sale as a commission. If you are considering selling your home yourself, estimate your time and costs for advertising, showing the house to prospective buyers and handling negotiations.
  • Other miscellaneous expenses.
    • Is there a prepayment penalty on your mortgage?
    • Will you incur the cost of temporary storage for your personal items while showing to potential buyers?
    • Have you planned for moving and some packing costs?

      Estimate the sales price for your current home

  • If your home is priced realistically, you may be able to sell it faster.
  • Property appraisers set a price by comparing a home to recently sold, nearby properties similar in square-footage, room number, age, and features.
  • Your real estate agent will help you decide on a listing price by getting a list of comparable properties.

How Much Can I Borrow? – (see above)

Loan Qualifying Documents Needed – (see above)