Time To Upgrade Your Home?
Need more space?
Whatever stage of life you are in and for whatever reason, upgrading your home can feel overwhelming. You have to re-apply, sell, pack, kids, pets...
So let's start with the basics regarding your mortgage:
The Existing Mortgage
What is your mortgage maturity date? Are you locked in? While lenders promote your ability to port (where you take your current mortgage contract and move it to a new home to avoid penalty) it often doesn't work because your terms must stay the same as the old contract. For example, with the majority of lenders if you originally started with a 25year amortization and have lived in the home for 7years, your new maximum amortization would be 18years. An 18year amortization can make it more difficult to qualify as it increases the new (presumably more expensive) upgraded homes mortgage payment. Most consumers need and want to go back to a 25 or 30 year amortization when upgrading especially. For this reason, if you are locked in, you will also need to know the penalty to break the contract. You can get this by simply calling your lender. Penalties can also change so the lender can only provide you the amount as of that day. Nikole will review all options with you.
What else should I do?
a) Complete and return the application at the top of the page, Nikole can help you with your options before you list your home for sale.
b) Re-review the standard mortgage Closing Costs. Click Here.
c) Call your realtor, find out what the home is worth and what kind of market you are in.
d) PLAN for the extra's: movers, pods, any new hook up costs if applicable, if you have a gap between selling and possession of your new home, where would you stay?
e) Get your home ready! Clean out the basement, get rid of the clutter, have a garage sale. Hire a cleaning company to wash the windows or blinds that have been ignored (or maybe that's just my house?). Do you have a fabulous yard to show off? Plan a summer to fall listing and doll it up!
The more prepared you are, the less stress you will have allowing you to get excited for your new home and the EXTRA space!