In case you aren't exactly sure what Home Equity is, although you may have heard the term many times in the past, it is the percentage of your home that you own. That's it!
Did you know you can build equity in your home? Here are 3 simple ways:
1. Price appreciation - equity increases over time when your home gains value. So basically, by doing nothing!
2. Home improvement projects - just make sure they are projects that will boost the value of your home, such as renovating the kitchen and bathrooms, upgrading light fixtures, and even adding curb appeal to beautify your home on the outside.
3. Monthly repayment - paying your monthly loan payment ON TIME and paying extra whenever possible will help build equity quicker.
Home Equity - a great reason to buy a home, wouldn't you say?