Upsizing or Downsizing
Homeowners looking to move up in the world have a lot of questions about the “next mortgage.” The same holds true if you’re looking to downsize. Whatever your situation, the next mortgage experience should prove a smooth transition.
Time to Upsize
A growing family, too much "stuff" or maybe a desire to entertain more often are all great reasons to go up in home size. One option is to add onto your home with remodeling. Certainly this is something you could do, financing with the FHA 203k renovation loan.
Another option to upsizing is to sell your current home and buy bigger. You'll have to pay off the current mortgage with the sale of your home, and get a new mortgage loan for the new home. When it's time to make this transition, make sure you have a trusted advisor in your corner to help make the right financial decision for you.
Time to Downsize
The reasons to move into a smaller house are as diverse as the personalities in your family. Maybe your kids are grown and gone, and it's time to have a smaller house - less to clean! It's not always good news either. Divorce can lead to the need for a smaller place to live. Whatever the reason for downsizing, make sure you have the path laid out for credit and budget. Talk to a trusted consultant about mortgage pre-approval for your current finances before you head out house hunting.
Upsizing and downsizing are big decisions. Be sure to educate yourself so you're ready to make the right decision for your situation.