Moving To New Home And Qualifying For Home Mortgage

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Moving To New Home And Qualifying For Home Mortgage

This Article On Moving To New Home And Qualifying For Home Mortgage Written Michael Gracz of Gustan Cho Associates

As I take you on a daily journey of my life, and if you have been following along, you will know that I just moved into my current home a little over a year ago.

  • Now, I might be coming out of left field with this, but I want to get enough money saved up so that I can move in the next 2 years or sooner if possible
  • This has all come about because although my current home is nice
  • I never saw this house as a “grow old” house
  • This house feels more like a starter home that I would have purchased 5-7 years ago
  • Or it feels like the perfect home for a first-time home buyer
  • My goal for the longest time has been able to adequately afford a home where I can come home every day and think to myself “I am HOME.” 
  • I want this house to be a home that takes my breath away, even after years living in it
  • I am not going to say my current home isn’t more than good
  • It is brand new, 4 bedroom, 2.5 bath, with a full unfinished basement, and 2,400 square feet
  • I have wood floors, granite countertops, and stainless steel appliances
  • Okay, fine, the house is pretty nice, and there really isn’t anything wrong with it

Thinking Of Moving To New Home

Now what I am trying to do is spend about an additional $125,000 for a mortgage loan which will increase my payment by $1,200 per month or so:

  • This will get me to a house that is nearly worth $400,000
  • When I tell you this house has everything, it has everything! 
  • Once again it is a new construction home and it weighs in at 3,400 square feet, chef’s kitchen, hardwood floors, dual family rooms, full basement, 5 bedrooms, and 3.5 baths
  • This is a house that I can see myself staying in for a long time and eventually having grandchildren come over some day
  • The other main driver in the goal of getting this home is to be in the same subdivision as my in-laws who we spend most of our time with on the weekends
  • I believe this would set us up for many years to come as my career and life progresses
  • This home would only be about 10 minutes from my current house
  • But there is one thing that is a negative
  • That is having to change my daughter’s school
  • She will only be in 2nd to 3rd grade or so
  • But changing schools is always hard no matter what age it is
  • That is one regret I have in all of this is forcing a social change on my daughter like that
  • The positive to changing schools is she is the same age as her cousin
  • They could possibly be in the same classes for the years to come and plus, we’d be neighbors!

Thought Process Of Moving To New Home

If you read my previous article, I would not be looking forward to moving again:

  • But my thought is, if I can afford to take on this higher mortgage payment, then I should have plenty of money to hire a company to pack and move for me
  • Yes, you don’t have control on how they box which items
  • But it does prevent me from having to do it all over again
  • In the end, this might just be a pipe dream, but a man can dream can’t he? 
  • I don’t see with my hard work and dedication, why I couldn’t be able to afford a fabulous home like this
  • My fingers are crossed and we will see how the next couple years go!

About The Author

Michael Gracz is the National Sales Manager of Gustan Cho Associates Mortgage Group at Loan Cabin Inc. Mike is also a contributing writer for Gustan Cho Associates Mortgage And Real Estate Information Center and a licensed mortgage loan originator. Michael who has a degree in accounting, is an expert in all areas of accounting and is an expert in all areas of real estate, investments, credit, credit repair, and lending. Mike and Gustan Cho Associates has a national reputation of being able to approve and close other lenders cannot due to its no overlay business platform. If you have any questions on any areas of accounting, real estate, investing, or mortgage lending, feel free to contact Michael Gracz of Gustan Cho Associates.

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