Few events upend the status quo like welcoming home a new member of the family. You’ll find this is true whether you’ve recently welcomed home a baby, or you’re considering adding to your family. Your current living situation may work while your new baby is small, but oftentimes families begin to feel squeezed for space, and begin to wonder if there are other living options out there that might suit their needs. Consider these common home financing options for accommodating changes to your growing family:
Homebuying for a Growing Family
There’s plenty to stress about as your family expands. Don’t let worrying about the home loan approval process be one of those things. Speaking with a loan officer could provide you clarity to your toughest questions. The more you know the better prepared you’ll be and the smoother the homebuying process will seem.
How Construction Can Help Secure your Growing Family
Some prospective homeowners are dissatisfied with their options in their preferred real estate market and decide on building a new home to their specifications when it comes time to make a change. A construction loan is worth exploring even if you don’t plan to build – a custom home may be closer in reach than you realize.
Updating your home could be a great way to maintain the value of your property, regardless of your plans for the home.
Future-Proofing: Refinancing and Home Improvement Loans
A home is one of the biggest purchases you can make – if you stay for the life of a typical mortgage, you may occupy the home for many years! Lots can happen in that time – your family could continue to grow as your children have children, a loved one might develop a disability that needs accommodating, or maybe thorough repairs become necessary on the plumbing.
Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
