SHOULD YOU MOVE UP?

There is an endless supply of reasons why a family may need to move up to a bigger, or nicer, home. How do you know, though, that now is a good time to move up?
Housing Prices. The price of homes makes it the best time to purchase in 40 years.

Interest Rates. There is a huge difference between buying a home at 5 percent interest (June 2010), and buying one at 13 % interest (February 1983). The available rates can change from week to week, and how you qualify depends largely on your credit rating.

Income. Moving up to a bigger or nicer house will may mean a bigger mortgage payment. Take an honest look at your budget to see if this makes sense for your family.

Equity. This is one way to avoid a bigger mortgage payment. Make a large down payment.Wish list. Take a moment to consider what area of town would be best for your family. Think about schools, commute times, neighborhood amenities and affordability.