(Video courtesy of Consumer Reports)
Looking for ways to build equity faster?
- Get a 15 year mortgage – not always feasible, but if it’s in your budget and works well for your situation. Talk to your financial wizard.
- Pay more on your mortgage (especially if you don’t want to commit to a 15 year mortgage and the larger payment that comes with it)
- Should you consider bi-weekly mortgage payments?
- Make a larger down payment
- Renovation/Update – Have a plan. Get advice, especially if you plan to sell in a few years. The tile or counter top trending now may be unacceptable next year.
Here’s help with math! I love calculators and these are handy! You can find Affordability, Rent vs Buy, Mortgage, FHA, VA, not to mention help with renovation measurements and more.
And if you’re looking at loan products, check out this page.