Move-Up Buyer

Meet Nora, a homeowner in Nashville who had been dreaming of purchasing a new home for years. Just as her current home was about to sell, she found the perfect house and wanted to take advantage of favorable interest rates. However, most of her planned down payment was tied up in her home’s equity, leaving her with a higher monthly payment than she was comfortable with.

That’s when Nora was referred to Jim Yarrington, a senior loan officer at First State Bank. Jim explained how she could purchase her new home without selling her current home and make a non-contingent offer. He also introduced her to a key feature of Conventional Loans—allowing her to apply the proceeds from her home sale to her new loan and lower the balance. Even better, Jim explained how she could re-cast the loan, reducing her monthly payment and improving cash flow.

Following Jim’s advice, Nora made an offer on her dream home, moved in, and later re-cast her loan after selling her previous home—ultimately securing a more affordable payment. Now, she’s happily settled in and grateful for Jim’s guidance in making her dream a reality.

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