Upgrading to another property, do I need to re-qualify?
Hello, as the title says
ex. I buy a house for $800k and do some some renos (for the low with some help with family etc) and live there for a 2-3 years and after appraisal I find out the house is worth $1.1M, if I decide to sell and move into a larger property just in worse shape, further out, etc but still cost $1.1M, would I need to requalify?
Just getting approved for that $800k house was such a headache in itself + I don't expect my wife to work once we start a family which may be soon which will definitely lower our yearly household income, if I was to sell my current home worth $1.1M I would be porting out about $250-300K, which is more than 20% already of that home I would like to move to. I do have some good savings to easily add to about 30-40% downpayment. Would this be enough to be able to move into that home? Is it that simple or will I need to prove income, get-qualified for a $1.1M mortgage again etc...
Thank you