There are various reasons for moving. Your family grows. You find a new neighborhood. You just got that well-deserved promotion. Any number of factors can compel you to buy a fancier, more expensive home. And if you're relying on a home to augment your retirement nest egg, upgrading to a more valuable house can serve you well in the long run.
Your financial position will be reviewed by lenders, too, to ensure you don't exceed the maximum debt-to-income ratio. And just like when you bought your previous home(s), your credit score will play a primary role in how much you'll ultimately pay for your mortgage.
Another consideration is whether you can sell your current home for a price that allows you to upgrade homes. Depending on market conditions in your area, your upgrade may not happen as quickly as you'd like.
Angelo and team pride themselves on helping their clients navigate these many factors that come into play when it's time to move up. Contact us today with any questions.