Common reasons why people move-up in a home is because they have outgrown their current home due to a bigger family or they are earning significantly more income and able to afford a more luxurious home.
Following are some other reasons for moving to a bigger home:
- Having extra space: An extra room or two for your family, for your work, for your vehicle(s), or personal interests.
- Improved features in the home: A better home will have more amenities that you can afford with a higher income.
- An open space floor plan: A larger kitchen, spacious living area, and play room for the kids.
- Potential tax credit: In the recent past, homebuyer tax credits were offered to buyers as an incentive.
Typically, a more luxurious home will require a loan above $417,000, and that falls in the jumbo loan category which 1st Nationwide has plenty to offer. Choices range from 5, 7, 10 Year Fixed ARMs to the 30-year fixed mortgage.