Whether you're looking for a larger home, downsizing or dreaming of a vacation home, here are some things to think about before making a decision.

 

Determining your price range

Monthly income and expenses are the most important factors to consider. Use our Affordability Calculator.

 

Buying a vacation or second home

Because you'll be keeping your primary residence, you'll need to decide how to make your down payment and also consider the increase in monthly expenses.

 

Private Mortgage Insurance (PMI)

If your loan amount is greater than 80% of the sales price or appraised value of the property (whichever is less), you will have to purchase Private Mortgage Insurance. It is provided by a private mortgage insurance company to protect lenders against loss if you can no longer make your monthly mortgage payments.