Here’s a quick look at your equity 👀
For this quick check, I’m using 80% of your home’s value as a starting point.
This assumes a primary home. Some loan programs and other property types may use different limits. Your actual amount could be higher or lower.
You may still have equity in your home. Based on this 80% planning estimate, the numbers entered do not show additional cash-out room right now. Some loan programs and property types may use different limits.
You’ve told me what you’re curious about. Next, we’ll use the numbers you entered to look at what that option could mean for you.
Let’s check the room.
Estimated max loan at this 80% starting point: ${estimatedMax58}
This is a quick planning estimate, not an approval or loan offer.
Potential equity for your next move
Based on the numbers you entered, you may have about ${estimatedUsable} in estimated usable equity that could potentially help with your next move.
This is a starting estimate. Your actual available equity may be higher or lower depending on the loan, property and how you decide to use it.
This may fit within this 80% starting estimate.
There are still other things to look at, but the equity piece may be worth exploring.
The amount you’re exploring is above this quick 80% estimate.
You may need to lower the amount or see whether a different loan program could apply.
Selling first may simplify the next move.
Selling your current home first may give you access to your proceeds before purchasing the next home and may reduce the need to carry two housing payments at the same time.
There may be other options too, so it can still be helpful to review the full picture with a loan officer before deciding.
You may have more flexibility.
If carrying two home payments for a period of time is comfortable for you, buying first may be worth exploring. Your available equity could potentially be part of that strategy.
Another possibility may be keeping your current home and converting it to an investment property. That depends on your finances, loan terms and qualification, so talk with a loan officer before making that decision.
Timing may matter more here.
If carrying both housing payments would be difficult, selling first may be worth considering, especially if there is not enough accessible equity to comfortably support the next move.
You still may have other options, including different ways to use your equity or potentially keeping the current home as an investment property. A loan officer can help you look at the full picture before you decide.
