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Mastering the Summer Move and Finding the Perfect Home Loan

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Summer is an exciting time for families as the school year ends. Many families wil take vacations, sign their children up for activities, and spend time at the pool. The home-buying season starts at the end of May and may go through early fall. If you’re considering purchasing a new home, the summer is a great time to move before the start of the next school year. Here's why:

Why the Summer Season is Popular for Home Buyers

The school year is a massive consideration for buyers and sellers due to the complications of moving with school-aged children. Buying and moving before a new school year starts is more appealing. Schools typically end in May or June, giving parents the time to close on a home, pack their belongings, and settle into a new home before summer ends.

There are several other reasons summer is a popular time for home sales as well, with the weather typically being a significant factor for buyers but luckily Florida has a wonderful climate making virtually anytime of year viable. Additionally, due to holidays like Thanksgiving, Christmas, and New Year's, many sellers don’t want to deal with the added stress during that time.

Understanding Summer Home Loans

Understanding your home loan options is essential to making the best home choice. Here are the types of home loans that you’ll likely find that are available to you:
  • FHA loan - Ideal for first-time homebuyers, these loans have low down payment options and include fixed and adjustable rates.
  • VA loan - For eligible active duty, non-active, and retired military personnel, offer 100% financing and no monthly mortgage insurance.
  • Adjustable-rate mortgage - Offer a lower rate for the first few years before adjusting to the market rate, which can make your home more affordable if you expect rates to drop or other factors to occur.
  • Fixed-rate mortgage - The principal and interest remain steady for the life of the loan, making it easier to stay within your monthly budget.
  • Jumbo loan - For plus-size mortgages that offer fixed and adjustable rates with no private mortgage insurance requirement.
You should plan and book a financial strategy consultation by the spring to determine which loans fit your budget. On your own, you can use mortgage calculators to estimate what your monthly payments through a credit union could look like. Getting pre-approved for a home loan helps when you find a home to put down an offer.

Sellers are more likely to accept an offer from a buyer who has loan options available to them. It’s also essential to start your summer home loan process, and your moving logistics plan early to prepare for the competitive moving season.

Managing the Transition for Children During the School Break

When looking for a new home, the school your children will attend is important. Start researching school districts and enrollment procedures in areas you’re targeting for a new residence. Once you’re closing on a home, contact your children’s current and new schools. This will make it easier for your children to transition from their previous school.

Get acquainted with the new neighborhood and community amenities. Your children will feel more at ease about the moving process if they can access playgrounds, pools, and a library to spend time outside the house.

Consult your Credit Union When Preparing for Your Summer Move

When buying a home, finding a school district where your children will receive a high-quality education is essential. By preparing in advance, you can have a smoother transition for your entire family.
Power Financial Credit Union has served the South Florida community since 1951, so you can trust our knowledge and superior member services to ensure your summer move goes smoothly.

Contact us today to find the right solution for your family’s home ownership needs.