Determine Your Goals Whether it’s because your family has grown and needs more space, you’re ready for more amenities, or you just need to move closer to work, moving into a new home can be daunting. While making the decision that you’re moving up is an important and exciting first step, there are many more decisions you need to make before you’re ready to buy your dream home. The first of which is figuring out your goals, and what you expect to get out of your old house. Determine: • Would you rather sell your old home, or keep and rent it out?

• Selling your home could allow you to use all or some of the equity as a down payment on your new home.

• Renting your current home could give you much needed income to cover moving expenses – however, you need to make sure the money you get from renting will be enough to cover your current mortgage and any maintenance costs.

Watch Interest Rates and New Mortgage Regulations

Even before you’re really sure you are ready to move, it’s important to start monitoring interest rates and any changes in mortgage regulations. Keeping Up with Current Trends: Interest rates are at historic lows right now, making it a great time to buy a new home – but you want to watch for any predicted increases in rates which may affect the amount you can borrow. Mortgage Regulations Can Change: It’s important to meet with a lending professional to become apprised of recent or upcoming changes in the law that may affect how you borrow. For example, new provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act in January 2014 will likely make it more difficult for borrowers to take out a loan, as lenders must take more steps to verify that mortgages can be repaid.

Determine the Value of Your Current Home

It’s important to determine the value of your current home early in the process. The amount you expect to make off of your current home could very well play into the decision making process for your new home – especially if you plan on using the equity your house has accrued to put a down payment on your next house. Getting an expert opinion on the value of your home will help give you more accurate expectations and will help you put your home on the market at the right price – simply knowing what the house across the street sold for may not be enough.

Ensure the Money is There

Meet with a lending professional to help determine whether or not you’ll have the money to move, and to help determine what you can and can’t afford as far as a mortgage payment is concerned.

Some questions to consider: • How do you plan to cover a

down payment and moving costs for your next house?

• If you plan to rent out your current home, is this income enough to cover those expenses, or do you need another source?

• If you plan to sell, how much of that equity can you really use?

Find Your Perfect Home

Once you’ve figured out all of your finances, you can really start your search for the perfect new home. Start looking at areas or neighborhoods that meet all of your needs in terms of affordability, proximity to shopping, schools, fun, amenities and work.

Determine what you need in terms of living and yard space. What amenities would you like to have in your new home, and which of them are most important to you – garage, pool, lots of bathrooms, upgraded kitchen? See what’s available and what’s affordable in your ideal part of town.

5 Tips For Move-Up Buyers

Learn More about Loans for Moving or for Upgrading Your Home http://www.newamericanfunding.com/move-up-buyer.aspx