What Should You Consider If You Plan On Buying A Bigger Home

Everyone enjoys the idea of upgrading to a larger and more luxurious home. That said there are a few things worth considering if you plan on making the jump into a bigger house. For example, one key ingredient of being successful in transitioning to a larger home is in choosing the right mortgage. This is especially true if you do not plan on keeping house for an extended period of time. In this instance, an adjustable rate mortgage will typically be the best bet.

Maximize Cash Flow

The adjustable rate mortgage will save you money through a better interest rate. In fact, in most cases an adjustable rate mortgage will be lower than the 30-year fixed type product. In addition, choosing an adjustable rate mortgage is a great option for those wishing to maximize cash flow. Equally important is to explore all options when it comes to your existing home. If you are able to lease out your current home rather than sell it this may be a smart move in terms of building equity in multiple pieces of real estate.

Jumbo Loans

As a note, those wishing to upgrade to a larger and more extravagant home may require a jumbo mortgage. As such, you should be prepared to qualify for a jumbo mortgage with solid financials and strong credentials. Mortgage underwriters typically determine a borrower's risk based on their credit, capacity to pay and collateral. Make sure that you understand all aspects of jumbo loans so that you are able make an offer on the property and close quickly. This is especially important if you find the perfect home and wish to secure that home without it being sold to another party.

Current Real Estate Climate

With an improving Anacortes housing market and increased home values as well as lower interest rates, now may be the perfect time to make the jump into a larger and more impressive home. Those with a growing family as well as anyone else wishing to make a good investment can take advantage of all that the current real estate climate has to offer by being prepared and making the right choices. If you are looking to relocate to Anacortes Washington, there are many Anacortes MLS listings that may fit your needs perfectly. Contact Nicole Haun by visiting our website at Realestateinanacortes.com to learn more. We look forward to speaking with you soon!

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