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Calculating Your Home Equity
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I've been thinking lately about how to actually build up equity in my house, you know, making sure it's worth more than I owe on it. First thing I did was switch to bi-weekly mortgage payments instead of monthly—sounds small but it really adds up over time. Then I started putting extra cash toward the principal whenever I could, like tax refunds or bonuses. Seems straightforward enough, but I'm wondering if there's smarter ways out there or something I'm missing?
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"Then I started putting extra cash toward the principal whenever I could, like tax refunds or bonuses."
That's a solid move, but have you thought about refinancing to a shorter-term loan? I switched from a 30-year to a 15-year mortgage last year—payments went up slightly, but the interest savings are huge over time. Just make sure the closing costs don't outweigh your benefits...
