Staying home during the COVID-19 pandemic made many people reassess their needs and wants in a home and they are now considering other options. Combined with low interest rates, the result has been an incredibly competitive housing market. If you’re thinking of making a move, a little preparation and the right home financing can make it happen.
Determine your "why"
Knowing what you’re seeking in your next home will help you focus your search and set your priorities:
- If your family is growing, you enjoy entertaining, or you want to accommodate special interests or hobbies, you may be looking for extra space.
- If your family includes active children and/or pets, a fenced-in backyard with room to roam may be top of your list.
- If you’re excited to spend more time in lively city neighborhoods or out on parks and trails, choosing the most accessible location to these activities should be a key consideration.
As you begin your search, take into account both your long- and short-term vision of your home. Which things are essential, and on which elements would you be willing to compromise?
Review your budget
In addition to the cost of the home itself, moving comes with several expenses. Setting a budget for the selling, buying, and moving process will help you plan ahead. Costs to consider include:
- Necessary home repairs
- Painting and/or upgrading floors/carpets
- Enhancing landscaping
- Professional staging, if used
- Storage costs
- Short-term rental costs, if you sell your current home before you can move into your new one
Programs to meet unique needs
When you’re ready to finance your new home, a Wells Fargo home mortgage consultant will listen to your needs and goals to help you compare loan features – including interest rates, monthly payments and more – and connect you to the right loan options for your situation.
Decide if making a move is the right move
Because a move is a big step, it’s important to make sure you have your personal and financial goals in mind when making your final decision.
You may decide that moving now isn’t right for you and prefer to consider your options for refinancing your existing mortgage. Refinancing may allow you to pay off your mortgage faster, get a predictable rate and payment, or have extra funds available by lowering your monthly payment. (Keep in mind that by lowering your monthly payment, you may pay more interest over the life of your loan.)
Support to get you home
Regardless of whether you decide to purchase a new home or refinance your existing mortgage, taking advantage of today’s low rates could put you in a good place. And you’ll have the personalized guidance of a Wells Fargo home mortgage consultant every step of the way.
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Wells Fargo Home Mortgage has a services agreement with Union Privilege in which Union Privilege receives a financial benefit for providing agreed-upon services. Wells Fargo Home Mortgage encourages you to shop around to ensure you receive the services and loan terms that fit your home financing needs.
Home equity financing does not qualify for the benefits of this program.
Information is accurate as of the date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2021 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801 AP5344481 6/15/21