Build equity faster
If you are in a position to make higher monthly payments due to an increase in salary or other good fortune, you may want to switch from a 30-year loan program to a 15- or 20-year loan structure. This enables you to build equity faster and save money on financing fees.
We’re seeing a new wave of younger millennial home buyers flood the market as we enter peak home-buying season. With interest rates at historic lows, now is the perfect time for younger millennials to purchase a home and start building equity.
Use the equity you've establish
A cash-out refinance allows you to tap into the equity you have built up in your home. And, if you are currently paying for mortgage insurance and your loan-to-value has decreased, you may qualify for a loan without mortgage insurance.