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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.
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.
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.
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.
Loan programs for down payments of 20% or less require you to purchase
Private Mortgage Insurance (PMI).
You may qualify for a new loan without even
selling your current home. You may also want to discuss a bridge loan with
your mortgage company.
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. For more information on construction loans
your mortgage company or KQR Real Estate.
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