It’s more than just a name change. Local lenders NOIC, Inc. and Concord Mortgage have merged with Union Home Mortgage (UHM) to continue doing one thing: deliver a home-buying and refinancing experience customers will rave about.
No doubt, it’s a high bar, but UHM CEO Bill Cosgrove says the companies were built to do just that. “Culture and our Partners (employees) are our highest priorities,” Cosgrove says. “The culture we saw cultivated at NOIC and Concord over the years is central to our growth together and our ability to provide the world-class service customers have come to expect.”
Union Home Mortgage sees the acquisition as a powerful opportunity to strengthen its services. With a company-wide goal to turn referral partners and homeowners into “Raving Fans,” UHM has equipped itself to grow a fan-base across the Midwest.
Union Home Mortgage: Housing Buzz
Homeowners: Should I Buy or Sell First?
If you’re a repeat homebuyer, the buying and selling process can possibly be more difficult than when you bought your first home, because now you have one to sell too. Therefore, having a good strategy in place is very important. There are three different ways to go about this, you could buy your next home first, sell your home before you buy another or make an offer contingent upon the sale of your home.
Selling first is typically the more popular route among homeowners, especially in a buyer’s market. This approach will prevent you from paying two mortgages at once. However, there is a downside as well. If you sell your home first, you may have to rent or stay with family until you find your next home. Selling your home first will also allow you to see how much you can afford when you are looking at homes to call your own. Your home could sell for higher or lower than expected. If a lower offer than expected is accepted, you may want to look at less expensive homes. On the other hand, if your home sells for higher than expected, homes that were out of budget may now be affordable.
In a seller’s market, buying first may be your best bet if you have the finances to do so. You can run the risk of paying two mortgages at the same time, since you will acquire a new home before your current home sells. Often times, there is pressure to sell your home quickly after purchasing a new home. This may sway you to accept a lower offer. You also won’t know the selling price of your current home, meaning that you may not know exactly how much could be spent on a new home. If you do come across your dream home before you sell, buying first will allow you to place an offer.
There are pros and cons no matter if you chose to buy or sell first. For most homeowners, selling first is the financially logical thing to do.
Home Sale Contingency
Setting up a contingency clause is common among buyers. This transaction is written into a sales contract or offer, and assuming the requirements are met, the contract will prevail. This allows the buyer of the new home to sell their home and then buy the new property shortly after. Of course, both parties need to coordinate issues such as storage and moving.
Additionally, there are other agreements that may appeal to you to help reduce potential complications. Use and Occupancy Agreements will allow the buyer to move in before closing or the seller to remain in their home for a short time after closing under certain circumstances.
If you’re a homebuyer searching for a mortgage lender, or considering refinancing your home to free up some cash, contact the Housing Buzz Team today!