By: Brandon Grant

Dear Brandon

Tags: Dear Brandon

What is home equity? Home equity is the difference between how much is remaining on your mortgage and what the market value is of your home. Many people also ask the question ‘how can I build home equity’. The best way to build home equity is to keep your home well maintained. Another way is to remove carpets and install hardwood, renovate your kitchen and/or bathroom(s). Kitchens and Bathrooms tend to be the Buyers focus when deciding which home to purchase.

Another way to build equity is to take advantage of your pre-payment privileges on your mortgage. If you put $100.00 extra on your mortgage each month that $100.00 goes directly to your principle and reduces the time (amortization) remaining on your mortgage.