In areas where home values are rising, your equity will increase without doing a thing, but you can take control of your rising value by engaging in smart renovations as well. Here are some smart ways to build equity in your home, whether or not you’re in a trending neighborhood.
Building Equity in Your New Home
Pay as much as you can, as fast as you can. If you have a 30-year mortgage, making a higher monthly payment or putting any financial windfalls toward your principal can help you gain equity.
Make smart renovations. Kitchen and bathroom renovations are the most popular renovations that build equity, but replacing flooring, roofing, or even piping can all increase your home’s value. Even a coat of paint in a trend hue can result in increased value
Refinance. If you have a 30-year mortgage, a 15-year loan may have a lower rate, possibly by at least 1.5%. Talk to your mortgage professional to learn more.
Stonebridge Mortgage Group can help you with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon. Visit us in historic Downtown Gresham today to learn more about our mortgage services.
Call us today at 503.661.5580
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