Buying Your Next Home
What you should know before you buy
Whether you’re looking for a larger home, downsizing or dreaming of a vacation home, here are some things to think about before making a decision.
Determining your price range
Monthly income and expenses are the most important factors to consider. Use our Affordability Calculator.
Buying a vacation or second home
Because you’ll be keeping your primary residence, you’ll need to decide how to make your down payment and also consider the increase in monthly expenses.
Private Mortgage Insurance (PMI)
If your loan amount is greater than 80% of the sales price or appraised value of the property (whichever is less), you will have to purchase Private Mortgage Insurance. It is provided by a private mortgage insurance company to protect lenders against loss if you can no longer make your monthly mortgage payments.
Customer Service
First-time Home Buyers FAQs
I want to move up to a larger 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 two of the most important factors 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. You'll also need to cover 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!
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.
Will I have to pay Private Mortgage Insurance (PMI)?
Private Mortgage Insurance is required on our loan programs if your down payment is less than 20% or your loan amount is greater than 80% of the sales price or appraised value of the property, whichever is less.
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.
