Cash out of home, or stay and wait out the market longer?

[Daniel Yoder]

Hello everyone,

I currently own a home and owe about 60% what it's current market value is. This is a fairly conservative estimate given the comps. We like where we live now but know that if we sold and cashed in while prices are high we'd get a nice chunk to put down on a smaller, older house and have the ability to throw some money into it to get it to a point where we'd like it. The main goal is saving money on our mortgage payment. I love the thought of a $1000/mo. payment or less with no PMI to make our cost of living drastically go down. My concern is, if we don't do anything will we lose this opportunity as interest rates are projected to rise. Any thoughts are greatly appreciated.

Thank you,

Daniel