Move Up Buyer Planning
Tip #2 – Determine what you can financially and emotionally afford.
It’s easy to get caught up in the bidding frenzy of today’s hot real estate market, especially when the interest rate is at a historic low.
Maybe it’s worthwhile to splurge on your forever home. Or maybe it’s better to buy something more modest and budget for future renovations.
Before you start making offers on your new home, it’s best to get yourself pre-approved with Abundance. We will explore your loan options based on your financial goals, for example:
Is it better to do a 30-yr fixed rate mortgage or to do a 7-yr adjustable rate mortgage? How about interest-only loans?
Do you want a 30-yr mortgage if you plan to retire in 10 years?
Should you get a bigger loan on your existing home because you can write-off the interest expense on your tax return? Or should you preserve your loan eligibility for your new home?
Is it a good idea to make offers without financing or appraisal contingencies?
Give yourself the time and peace of mind to map out your financing options before you get yourself committed in a bidding frenzy.