Thinking About Upsizing Your Home?
Was your current home intended to be a starter home? Is your neighborhood changing or has your job relocated? There are plenty of reasons why your current home may not be fulfilling your growing family’s needs, and maybe you’re questioning whether or not you should move into a more spacious or desirable home. If you’re hesitant to consider a home purchase during this time you might want to explore a few ideas before making a final decision.
The first step in the process is to think about interest rates, which are currently at historic lows. The most efficient way to get the best information is to contact a Guaranteed Rate mortgage lender who will help you figure out which rates and loans are most appropriate for you. The rates will fluctuate according to which loan you apply for. Remember to be honest with yourself about your income and budget as a larger or more desirable house will likely come with a larger mortgage payment.
One way to lessen, or all together avoid a larger mortgage payment is to evaluate the equity you have built in your current home. If it is substantial enough and you’re expecting to receive your asking price, then you can place the profits of your sale into your new mortgage payment.
Contact Guaranteed Rate to find out about your local market conditions and which rates are available to you today.