Jonathan Sweat

Tag: Virginia mortgages

  • How Much Equity Do You Need to Move Up to Your Next Home in Roanoke, VA Going Into 2026

    How Much Equity Do You Need to Move Up to Your Next Home in Roanoke, VA Going Into 2026

    Many homeowners in Roanoke, Virginia want to move up to a larger or newer home, but aren’t sure if they actually have enough equity to make it work comfortably.

    The good news? You may need less equity than you think, but the right amount depends on your goals, timing, and mortgage strategy.

    As we head into 2026, here’s how Roanoke homeowners should think about equity when planning their next move.

    What Home Equity Really Means for Move-Up Buyers

    Home equity is the difference between:

    • What your home could sell for
    • What you still owe on your mortgage

    That equity can often be used for:

    • Your down payment on the next home
    • Closing costs
    • Lowering your monthly payment
    • Strengthening your loan approval

    The key is understanding usable equity, not just estimated value.

    How Much Equity Do Roanoke Homeowners Typically Need?

    There’s no single number, but most successful move-up buyers in Roanoke fall into one of these ranges:

    10–20% Equity

    • May cover a down payment with careful planning
    • Often paired with FHA or low-down-payment conventional loans
    • Requires tight coordination and strong credit

    20–30% Equity

    • Comfortable range for many move-up buyers
    • More loan options available
    • Better monthly payment flexibility

    30%+ Equity

    • Maximum flexibility
    • Easier buy-before-sell options
    • Strong negotiating power

    Your comfort level matters just as much as the percentage.

    Equity vs. Cash on Hand (This Is Important)

    Equity and cash are not the same thing.

    Even with strong equity, you may still need:

    • Earnest money
    • Inspection and appraisal costs
    • Moving expenses
    • Temporary housing funds (if applicable)

    A smart plan balances equity use with cash reserves, not one or the other.

    How Your Next Home Price Changes the Equation

    The amount of equity you need depends heavily on:

    • The price gap between your current home and next home
    • Interest rates at the time of purchase
    • Desired monthly payment comfort

    For example:

    • Moving from a $300,000 home to a $400,000 home requires a very different strategy than moving to $550,000.

    This is why personalized planning matters more than online estimates.

    Should You Use All Your Equity When Moving Up?

    Not always.

    Many Roanoke homeowners choose to:

    • Keep some equity in reserve
    • Avoid overextending monthly payments
    • Maintain flexibility for repairs or life changes

    Using every dollar of equity isn’t always the smartest move – even if it’s possible.

    Why Getting Pre-Approved Early Makes a Big Difference

    A true mortgage pre-approval helps you:

    • See multiple equity-use scenarios
    • Compare selling first vs buying first
    • Understand worst-case payment overlap
    • Avoid surprises late in the process

    This clarity often brings peace of mind before listing your home.

    Is 2026 a Good Time to Use Equity to Move Up in Roanoke?

    For many homeowners, yes.

    Why:

    • Equity levels remain strong
    • Buyer competition is more balanced
    • Sellers are more flexible
    • Inventory options are improving

    The key is not when you move—but how prepared you are when you do.

    Wondering If You Have Enough Equity to Move Up?

    If you’re considering selling your home and moving up in Roanoke, the smartest first step is understanding your equity and options before making decisions.

    I help Roanoke homeowners:

    • Estimate usable equity
    • Compare move-up scenarios
    • Plan timing strategically
    • Get fully pre-approved

    👉 Let’s look at your numbers together before you make a move.

    Jonathan Sweat / The Legacy Team of Integrity Home Mortgage

    Loan Officer | Roanoke, VA
    NMLS #308553
    540-314-8843 | Email – jsweat@ihmcloans.com

  • Can You Buy a Home in Roanoke, VA Before Selling Yours? What Homeowners Should Know Going Into 2026

    Can You Buy a Home in Roanoke, VA Before Selling Yours? What Homeowners Should Know Going Into 2026

    Many homeowners in Roanoke, Virginia want to buy their next home before selling their current one – but worry about carrying two mortgages or making the wrong financial move.

    The good news is that buying before selling is possible in some situations, but it requires careful planning and the right loan strategy.

    As we head into 2026, here’s what Roanoke homeowners should understand before trying to buy their next home first.

    Why Some Roanoke Homeowners Want to Buy First

    There are several reasons homeowners prefer buying before selling:

    • Avoiding temporary housing
    • Reducing stress from double moves
    • Securing the right home when inventory is limited
    • Keeping children in the same school district

    While the goal makes sense, the execution must be done carefully.

    The Biggest Risk of Buying Before Selling

    The main risk is financial overlap.

    Buying first means:

    • Potentially qualifying for two mortgages
    • Managing two housing payments temporarily
    • Navigating stricter underwriting requirements

    This is why a proper mortgage review is critical before making an offer.

    When Buying Before Selling Can Work in Roanoke

    Buying before selling may be possible if:

    • Your income can support both payments temporarily
    • You have significant equity in your current home
    • You have strong credit and cash reserves
    • The new purchase price fits conservative guidelines

    Every situation is different – there’s no one-size-fits-all answer.

    Loan Options That May Help You Buy Before Selling

    Depending on your financial profile, tools may include:

    • Bridge loans to access equity short-term
    • HELOCs used for a down payment
    • Contingent offers structured correctly
    • Delayed financing strategies after selling

    These options must be evaluated carefully to avoid unnecessary risk.

    Why Pre-Approval Matters Even More When Buying First

    When you’re buying before selling, pre-approval is non-negotiable.

    A true pre-approval:

    • Accounts for worst-case scenarios
    • Confirms affordability with overlapping payments
    • Prevents deal-breaking surprises
    • Strengthens your offer with sellers

    Online pre-qualifications are not enough in this situation.

    Roanoke Market Considerations to Keep in Mind

    Local market factors matter.

    In Roanoke:

    • Some sellers are open to flexible closings
    • Rent-back options may be available
    • Appraisals and inspections affect timing
    • Inventory varies by neighborhood

    Working with local professionals helps align expectations and timelines.

    Should You Buy Before Selling in Roanoke, VA?

    For some homeowners, yes.
    For others, selling first is the safer choice.

    The right answer depends on:

    • Equity
    • Income
    • Credit
    • Risk tolerance
    • Market conditions

    The most important step is understanding your options before you make an offer.

    Thinking About Buying Before Selling in Roanoke?

    If you’re considering buying your next home before selling your current one, the smartest first step is a personalized mortgage strategy – not guesswork.

    I help Roanoke homeowners:

    • Evaluate buy-before-sell options
    • Understand risk and timing
    • Get fully pre-approved
    • Move up with confidence

    👉 Let’s talk through your numbers before you make a move.

    Jonathan Sweat, The Legacy Team of Integrity Home Mortgage
    Loan Officer | Roanoke, VA
    NMLS #308553
    540-588-6104 | Email – jsweat@ihmcloans.com

  • Selling Your Home and Buying Another in Roanoke, VA: What Homeowners Need to Know Going Into 2026

    Selling Your Home and Buying Another in Roanoke, VA: What Homeowners Need to Know Going Into 2026

    Many homeowners in Roanoke, Virginia are sitting on significant equity – but aren’t sure how to use it to buy their next home without unnecessary stress or risk.

    If you’re thinking about selling your current home and buying another in Roanoke, having a clear plan before you list can make the difference between a smooth transition and a stressful one.

    As we head into 2026, here’s what Roanoke homeowners should understand before making a move.

    Why More Roanoke Homeowners Are Moving Up

    Over the last several years, many Roanoke homeowners have seen steady appreciation in their home values. This has created opportunities to:

    – Move into a larger home

    – Upgrade neighborhoods

    – Reduce or restructure monthly payments

    – Better align housing with lifestyle changes

    The challenge isn’t equity – it’s timing and strategy.

    Step 1: Understand How Much Equity You Can Actually Use

    Before making decisions, you need clarity.

    Your available equity depends on:

    – Estimated sales price

    – Existing mortgage balance

    – Closing costs and commissions

    – Desired cash reserves

    Many homeowners overestimate or underestimate what they can use. A proper mortgage analysis helps you understand real numbers, not guesses.

    Step 2: Should You Sell First or Buy First in Roanoke?

    This is the most common and important question.

    Selling First

    Pros

    – Lower financial risk

    – Guaranteed funds for down payment

    – Less stress during underwriting

    Cons

    May require temporary housing

    Buying First

    Pros

    – Avoids double moves

    – More convenience

    Cons

    – Requires careful loan planning

    – Not ideal for every situation

    In Roanoke, seller flexibility, rent-backs, and longer closing timelines can sometimes make buying and selling easier to coordinate.

    Step 3: Options to Access Equity Before Selling

    Some homeowners don’t realize there are options beyond “sell first.”

    Depending on your situation, you may be able to use:

    – Bridge loans

    – HELOCs for short-term access to equity

    – Properly structured contingent offers

    These tools must be used carefully – but in the right situation, they can create flexibility and opportunity.

    Step 4: Get Pre-Approved Before You List Your Home

    This is one of the most overlooked steps and one of the most important.

    A true pre-approval:

    – Confirms your buying power

    – Accounts for proceeds from your sale

    – Prevents surprises late in the process

    – Strengthens your offer when you find the right home

    In competitive Roanoke neighborhoods, pre-approval is often the difference between winning and losing a home.

    Step 5: Work With Local Professionals Who Coordinate Together

    Selling and buying at the same time requires alignment.

    Your loan officer and Realtor should:

    – Coordinate timelines

    – Structure offers strategically

    – Align closing dates

    – Protect your equity and cash flow

    Local experience matters – especially when navigating Roanoke appraisals, inspections, and seller expectations.

    Is 2026 a Good Time to Sell and Buy in Roanoke, VA?

    For many homeowners, yes.

    Why:

    – Inventory is improving

    – Buyer competition is more balanced

    – Sellers are more negotiable than in past years

    – Equity levels remain strong

    The key isn’t timing the market perfectly – it’s having a plan that fits your financial goals.

    Thinking About Selling and Buying Another Home in Roanoke?

    If you’re considering selling your current home and buying your next one, the smartest first step is understanding your options before you list.

    I help Roanoke homeowners:

    Evaluate equity Plan timing Get fully pre-approved Move up with confidence

    👉 Let’s talk through your numbers before you make a move.

    Jonathan Sweat, The Legacy Team of Integrity Home Mortgage

    Loan Officer | Roanoke, VA

    NMLS #308553

    540-314-8843 | jsweat@ihmcloans.com