Loan Programs

Be A Move Up Buyer

Are you ready to upgrade to a larger house? Or move into a nicer neighborhood? Reap the benefits of home ownership and be a “move up” buyer. You may be able to sell your existing house and have a hefty down payment for a new house.

Click here to learn more…

If your family is growing, you're earning more money than you were five years ago, you want to live in a more desirable neighborhood, or you want a larger or better-appointed house, you might be considering selling your house and "moving up." Many homeowners are motivated to move up because of increasing appreciation rates, which allow you to sell your house and have some money to put towards a bigger or better house.

There are a host of things you should do as you consider whether now's the time to move up, including:

Keep your options open. With prices continuing to rise and inventory low in many areas of the country, you're likely to encounter a depleted inventory at high prices. If you wanted something fairly new, think about something a few years older. Many 'older' homes have been refurbished, turning them into desirable properties for either new or move-up buyers.

Get an accurate picture of your financial situation. How much more of a mortgage payment can you really afford? Just because a bank approves you for a certain amount, it doesn't automatically mean you should spend that much on a house. Factor in other debts and expenses and long- and short-term savings goals like college for the kids and retirement for you.

Be realistic about how much you can sell your house for and how much of the proceeds you'll have available for a down payment on your next house. Ask a real estate professional for a market analysis. And don't forget closing costs -- points, which are extra fees paid to secure a lower interest rate, origination fees, taxes, title insurance, and financing costs. The higher your down payment, the lower your monthly mortgage payment and the possibility of qualifying for a better loan.

Get pre-approved for a loan. This way you'll know if you can get approved and how much you can spend on a house. It also puts you in a stronger position when you ultimately make an offer on a house.

Consider the neighborhood, as well as the individual house. If you have kids, check out the reputation of the schools that your kids would be attending. And factor in the neighborhood's proximity to work, shopping, restaurants, and other important places you'll be frequenting.

Click here to find out how much your house will sell for and what your dream house costs.