While slow economy and dropping home prices are out of your control, there are some simple ways to start building your equity. Below are some tips to help you.
1. Lower your mortgage balance.
Each time you make a payment, your mortgage balance decreases and your equity increases. As long as you’re making your payments on time, you’re building equity.
2. Make larger mortgage payments.
If you can make larger payments with the extra amount applied to your principal, you will pay off your mortgage faster and gain equity more quickly.
3. Make biweekly mortgage payments.
Making biweekly payments is the equivalent of 13 monthly payments instead of the typical 12 and will reduce your loan payoff time and increase your equity.
Equity Prime Mortgage is committed to walking you through the home-buying process. Please contact us at 609-597-0007 or firstname.lastname@example.org to further discuss how owning a home may be more beneficial for you.