Bigger, Better Home

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Do you find yourself wishing for additional space, more amenities, a more comfortable layout or perhaps a more ideal neighborhood? Find out if you are ready to move up with these simple guidelines.

MAKE YOURSELF AT HOME
Write down a list of goals you'd like to achieve with your new home. Create a checklist of must-haves and wants —for instance, maybe you need a fenced-in yard for your dog, and you'd like to have your kid's school within walking distance. Prioritize the items on your list, and start thinking about which features offer the most value for the additional cost.

PUT YOUR BUDGET UNDER THE MICROSCOPE
Evaluate your debt-to-income ratio (divide your total housing debts including mortgage payment, insurance, taxes and other related expenses by your gross monthly income) to see where you fall — a lower debt-to-income ratio is preferable. Review your credit with ExperianSM, Equifax, and TransUnion® to gauge if an upgrade is financially feasible.

COUNT (ALL) YOUR COSTS
There's more to a trade-up than higher monthly payments. Factor in related expenses like mortgage and insurance payments, real estate taxes, maintenance and upkeep, closing costs and loan fees. If your new home might require some upgrades or your current home needs some work before it hits the market, anticipate home improvement costs.

SHOP AROUND
Look for the right loan before you start home shopping to get an idea of how much house you can afford.

Source: First National Bank.
Check out www.firstnational.com/mortgage for more helpful resources.