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.

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.

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.