Your home has served you well but lately, you might be wondering if it still fits.

Maybe the layout no longer works. Maybe your family has grown or your lifestyle has shifted. Maybe you’ve always dreamed of a bigger backyard or an upgraded kitchen. Maybe your needs have changed, or you’re just ready for something new.

Whatever’s prompting the shift—more space, less maintenance, a better location—you’ve got two main paths forward:

• Move to a home that better fits your life today
• Stay and renovate the one you’re already in

So, how do you decide? Let’s take a closer look at what to consider and how your home equity could help either way.

When Moving Might Be the Better Fit

Sometimes, no amount of paint or remodeling can solve the root issue. If your home is missing something essential, or you’re ready for a fresh start, moving could be your best option.

Moving might make more sense if you’ve hit limitations that renovation just can’t fix. For example:

• You need more space than your home can reasonably provide
• You’re relocating for work, lifestyle, or personal reasons
• You’d rather skip the disruption and cost of a major renovation
• The upgrades you want aren’t possible on your current property

But what if you find the perfect next home before selling this one? It’s a common situation and thankfully, you’ve got options. Depending on your situation, these financing strategies might help you bridge the gap:

• Home Equity Line of Credit (HELOC) or Cash-Out Refinance: Use your current home’s equity to help fund the down payment on your next one.
• Bridge Loan: A short-term loan designed to help you buy a new home before selling your current one.
• 401(k) Loan: Borrowing from retirement savings may offer flexibility without impacting your debt-to-income ratio the same way a traditional loan might.
• Low Down Payment Programs: Many home loan options require far less than 20% down. For example, Freddie Mac’s Home Possible program lets you buy a home with as little as 3% down and even allows a co-borrower to help you qualify.
• Sale-Leaseback Agreement: Sell your home and temporarily rent it back while you prepare to move.

Each option comes with its own pros and considerations, so it’s worth talking to a loan officer about what fits your timeline and goals.

When Renovating Might Make More Sense

Not every housing challenge means it’s time to pack up and leave. Sometimes, it’s not the size or location of your home that’s the issue, it’s just that certain features no longer fit your lifestyle.

If you’re mostly happy where you are, renovating could be the better way forward. It gives you the chance to stay in a neighborhood you love, hang onto your current mortgage rate, and shape your home into something that works better for how you live today.

Renovating might make more sense if:

• You want to upgrade finishes or add features without relocating
• You’d like to reconfigure your layout (think: open kitchen, extra office, or guest suite)
• Buying a new home would cost more than improving what you already have
• You’re not ready to leave your current neighborhood or give up your current interest rate

In many cases, your home equity can help cover the cost when it comes to funding renovations, and depending on your goals, a few different loan types might be worth considering:

• HELOC (Home Equity Line of Credit): Flexible and draw-as-you-go, a HELOC allows you to borrow what you need, when you need it
• Cash-Out Refinance: Replace your current mortgage with a new one and access a lump sum of cash at closing*
• Second Lien: A separate loan that leaves your existing mortgage untouched and ideal if you want to keep your current rate
• Renovation Loans: These combine the cost of your home and the cost of improvements into a single mortgage, making them a great option if you're buying a fixer-upper or planning a major remodel.

Not sure which one fits best? A loan officer can walk you through the details and help you choose the option that aligns with your renovation ideas, personal goals, and timeline.

*Qualification is required. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Terms and conditions are subject to change without notice.

How to Choose What’s Right for You

This is a big decision, and there’s no one-size-fits-all answer. You might be leaning toward a renovation. You might be imagining a fresh start in a new space. Either way, it’s worth pausing to think through what really matters to you.

What works for someone else might not work for your lifestyle, your finances, or your long-term plans. So ask yourself: What are you hoping to gain? What are you willing to take on? And what feels like the best fit, not just for today, but for the years ahead?

Here are a few questions that can help you weigh your options:

• Will a renovation truly give you what you want or just delay an eventual move?
• Do you have the time, budget, and patience for a remodel?
• Are there limitations to what’s possible on your current property?
• Does it make more financial sense to invest in your current home—or start fresh?

The right answer depends on your lifestyle, your long-term goals, and your financial picture. But no matter what you decide, the good news is your home equity can help make it happen.

Let’s Plan Your Next Step

If you’re ready to move up or want to invest in the place you already call home, your equity can help you take the next step.

Talk with a Movement loan officer to explore your options and find the right strategy for your next chapter.