Building equity in your home is an investment in your financial future.
Equity is the portion of a home that you own outright. It’s the difference between your home’s current value and the amount owed on your mortgage.
Once you’ve built up enough equity, you can leverage it to help cover large expenses. For example, a HELOC home equity loan can be a cost-effective way to access funds — for, say, a home renovation — compared to using a credit card.
With that in mind, below are four tips to help you build up the equity in your home as soon as possible.