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Buying Your Second Home

Purchasing your second (or third, fourth, fifth . . .) is in many ways easier than your first. You know what to expect. But your “to-do list” is longer because in most cases you’ll be selling your current home at the same time. Here are our top tips for a smooth and stress-free home buying experience.

Get Pre-Approved

Give us a call, and we’ll get you a solid pre-approval letter so you can start shopping. We’ll talk about your timeline and answer any questions you have.

Talk to Your Realtor

Next, you’ll need to talk to your realtor to see how much you can list your home for and what needs to be done before putting it on the market. If you don’t have a realtor, we can recommend one.

Prepare Your Current Home

With your to-do list in hand, you can start working on your home so it will show at its best. Then set up a schedule for showings.

Plan the Transition

When you’re buying and selling at the same time, you’ll have a few options.

Buy & Sell Simultaneously


At Homestead, we make this process easy. With our Fast-Track program, we can close your loan in 14 days! Getting pre-approved and ready to close early ensures that your purchase will close on time.

Buy & Recast


In this scenario, you’ll buy your new home before you sell your current one. We can pre-approve you to handle two house payments at once (for a short period until you sell your home). That way, you can buy your new home, move in, sell your former home, pay it off, pay down your new loan with the proceeds and ask to have your new loan “recast.” Your new “recast” payment will be reduced.

Sell & Lease Back


Give yourself some extra time by asking to lease back your home for 30 to 60 days. That can take off the stress of finding a new home, especially in a hot market.

We Work with Your Real Estate Agent

Keeping everything moving along involves teamwork. We can work closely with your real estate agent throughout the process to answer any questions and coordinate your closing.

Dos and Don’ts

During this time, there are a few things you should avoid. This includes changing jobs (unless you have to – just keep us informed), racking up credit cards, or applying for any credit, including car loans. Those things can ruin the deal. If you’re wondering if something is OK to do — Call us first!

Why Homestead?

 

Homestead is a top lender of mortgage loans for purchasing and refinancing. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!

Why Homestead?

 

Homestead is a top lender of mortgage loans for purchasing and refinancing. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!

"Be who you are – not someone else. Truthful people are valuable team members."

- Andros Ioakimides on Authenticity

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