I'm 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 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. It's simple to make an estimate: just run the numbers for yourself using our Affordability Calculator. I'm buying a second home. Is it a different process? No. Whether you need to be near the water or in the mountains, a vacation home offers an opportunity for fun and relaxation, and we make it just as easy to obtain a mortgage. But keep in mind 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. We'll work with you to create a customized loan program with the best combination of rate, points, and closing costs for your needs; we call it our personalized rate because no two are alike! What about my less-than-perfect credit report? Our special solutions program can help: We offer loan options ideal for those who have a few "dings" on their credit report. We try to work with every customer to develop an individual mortgage program - we call it your personalized rate, because no two are alike. So we try to develop a custom program based on your credit worthiness. Will I need an appraisal on my new home? Not necessarily. You may qualify for a more streamlined loan process. We can look at your credit history and consult our property assessment model to determine if we can complete your loan application without an appraisal. Do I have to pay Private Mortgage Insurance (PMI)? Private Mortgage Insurance is not required on our loan programs for down payments of 20% or less, however beginning with your first payment we will collect a monthly Low Down Payment Fee in lieu of PMI. Once your loan reaches 78% of the original appraised value of the property or sales price, whichever is less, this fee will no longer be required. What if I don't sell my current house? You may qualify for a new loan without even selling your current home. We'll help you determine what might work for you. It's simple to run the numbers for yourself on our handy Affordability Calculator. You may also want to discuss a bridge loan. Give us a call at (800) 705-5551. 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. For more information on construction loans, give us a call at (800) 705-5551.