Get Into Your Dream Home

POV: You worked smarter, not harder to get you into your dream home. How? By leveraging the equity in your starter home.
 

HERE'S HOW IT WORKS:

• Equity is the difference between your home's current market value and what you still owe on your mortgage.
• As your home appreciates in value over time, and as you make mortgage payments, your equity grows.
  
  Let's say you purchased a starter home in 2022 for $365,000.Let's estimate that by 2026, due to market appreciation, your home's value will have increased to $425,000. Assuming you've made consistent mortgage payments, let's say you've reduced your mortgage balance to $275,000.

EQUITY MATH:

• $425,000 (current value) - $275,000 (mortgage balance) = $150,000 in home equity.

USING YOUR EQUITY:

1. Sell Your Current Home: The proceeds from the sale, minus any closing costs, will be your total equity.
2. Down Payment: A significant portion of your equity can be used as a down payment on your next home.
3. Closing Costs: The remaining equity can help cover closing costs associated with buying your new home, such as appraisal fees, title insurance, and attorney's fees.

By strategically leveraging the equity in your starter home, you can increase your purchasing power and move closer to your forever home!