Homebuying July 11 2018

Does Moving Up Make Sense?

Do you find yourself daydreaming about a bigger home, a shorter commute or a nicer neighborhood? It may be time to consider a move up. But does it really make sense right now? Check out some of our tips on determining if moving up is the right move for you.

Check your equity

You want to make sure you at least break even on your mortgage payoff before selling your current home. Look at your annual mortgage statement or call your lender to find out how much equity you have in your current home. Usually, you don't build up much in those first few years of paying a mortgage, but if you have owned your home for 5+ years you may have significant unrealized gains.

Review your income

Before making a move, review your income and budget to ensure that you can sustain the additional costs involved with moving - a new mortgage, taxes, insurance, and maintenance. You will want to also make sure any larger bills have been paid down before taking on these new expenses.

Location, location, location!

Often times your first home doesn't always fit your current lifestyle. You may have new requirements for your new neighborhood such as school districts, safety, or closer commutes. Check the pros and cons of your current neighborhood to that of a new one to determine if you need to make the move.

Consider a remodel

Depending on what you need, there may be the option to adding on or remodeling your current home. This may be more cost-effective than a complete move, especially if you look into using a renovation loan.

How are the interest rates?

A low rate will not only help you buy a larger home, but it will also make it easier to find a buyer for your current home. Research the rates to see if now is a good time to move up. If rates are low but purchasing a new home may not be practical right now, you can always look to refinance.

Is it time for a home upgrade?

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January 10 2020

How do Interest Rates Affect Purchasing Power?

Purchasing power refers to the price of the home you can afford based on the budget you have available. Naturally, if interest rates start to increase, you will not be able to afford the same home on the same budget. In a nutshell, you will be paying more for...

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4 Refinancing Myths BUSTED

Don't let common misconceptions keep you away from refinancing your mortgage. Consider the 4 most common myths and why they should be kicked to the curb.

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Decorating Your Home for the Holidays on a Budget

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Market Update: FHFA Announces Loan Limit Increases

The Federal Housing Finance Agency (FHFA) has announced that the conforming loan limits will be increased to $510,400 in 2020

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November 20 2019

Why Interest Rates Aren’t the Only Thing That Matters

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November 14 2019

Homebuyer Solutions Group Success Story

Marylynn M. and her husband successfully improved their credit scores while enrolled in Eagle Home Mortgage’s Homebuyer Solutions Group (HBSG) program and were able to purchase their dream Lennar Home after graduation. We spoke to HBSG Credit Specialist,...

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November 07 2019

Home Organization Tips to Spark Joy

There is a proven correlation between home clutter and stress. Organizing your abode is a quick and relatively easy way to bring more joy (and extra time) to your life. Here are some home organization tips to help you spark joy!

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