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6 Ways To Increase Your Equity
Making a larger mortgage payment every month will get you closer to paying off that mortgage even sooner. Any extra portion you pay goes directly towards your principal. So not only will you be done paying that mortgage sooner, you’ll also be paying less interest over the course of your loan. Win-Win!
Pay When You Get Paid
Do you end up spending your entire paycheck once a month to make your mortgage payment? If you’re like the millions of Americans who live paycheck to paycheck maybe a Bi-weekly mortgage payment is what you need. Every other week one half of your mortgage gets paid. This equates to 26 half payments each year, or 13 months. Paying just one extra payment each year will shave 12 years off a 30 year mortgage!
Time is Money
Ever considered a 15 year mortgage over a 30 year mortgage? You’ll pay a little more each month for your payment but you’ll also get the added bonus of a lower mortgage rate, not to mention being paid off in half the time.Pay it UpfrontIf you haven’t closed on your home yet consider making a larger down payment. If you’ve got the cash why not borrow less to pay less interest. You can also skip Mortgage Insurance on a Conventional loan with 20% down which can add as much as 1.15% each year to your payment.
Fix it Up
Making improvements to your home can also add equity by increasing the overall value of your home. It’s important however to choose your projects wisely. A kitchen or bath renovation is not the same as adding a garage or room onto your home.Also remember not to price yourself out of the market. Your home’s value can only go so high so over-improving or choosing materials that are too high end can end up being a moot point. They might be something you enjoy while living there but will not get you more money when you go to sell.
Kick that PMI
Purchasing a home with less that 20% down will tack on Mortgage Insurance to every payment. The only way to kick it is to get to 20% equity as quickly as possible. If you’ve reached 20% then have a talk with your lender about getting the PMI removed.
Be aware that some loan packages require PMI now for the entire life of the loan. Make sure you have a conversation with your lender about what is best for you.If you have questions about your loan or need help getting a loan, please let us connect you with an amazing lender.
About the Author, April Matney is the Sales Administrator for The Hogue Group of KWLE. She has been in and around real estate for the past 8 years and can be a great help in any real estate needs from buying, to selling to even planning investment properites. You can reach her by email or call 502-655-9777.
For more information contact your Eco-Broker below.
Rick Hogue REALTOR, CDPE, Eco-Broker
The Hogue Group a part of Keller Williams Realty Louisville East
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