Monday, December 12, 2022 / by Ameil Gill
We often talk about the value of our home. However, what we don’t often look at is our equity position — home equity is the current market value of your property, less what is owed. Across the country, homeowners are experiencing sizable equity gains because of increased property values (historic double-digit growth figures).
There are a number of ways you can build equity (wealth) in your home on top of typical appreciation.
? Make additional payments toward the principal of your loan. Paying down your mortgage combined with the appreciation of your home is a powerful combination.
? Sign up for bi-weekly mortgage payments. Making 26 half payments over the course of a year actually translates into an “extra” 13th payment.
? Make key home improvements that will increase the value of your property. Hint: ask your agent!
? Refinance to a shorter-term / modified loan product.
When was the last time you checked your home equity position?
I’m always available, as your real estate expert, to provide a FREE Property Equity Report.
Message me today and let’s start the conversation so we can build your wealth together.