If you’re considering to put your house on the market, to shop for your next dream home, or both, there are two calculations you need to make: First, you have to determine the current market value of your house. This is not what you think it’s worth, but rather what buyers in today’s market are likely to pay. The true value may be higher, or lower, than your expectations.
Next, you need to determine the maximum mortgage for which you will qualify (and feel comfortable servicing). Lenders calculate this amount based on your family income, credit worthiness and other factors. Once you have this information in hand, you’ll be ready to go home shopping with confidence. You’ll know how much you can expect to get for your current house, and how much you can afford to pay for your next home.
In fact, it’s worth determining these values even if you’re not seriously thinking of making a move today. As long as you have this information, you’ll be ready to take advantage of any opportunities that may present themselves in the market in the near future.
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