Ways to Increase Your Boston Home’s Equity

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• Ways to Increase Your Boston Homes Equity
• Home equity is the percentage of your homes
  worth that you own, and it is essential for
  accumulating wealth through homeownership. The
  principal, or outstanding loan balance,
  decreases as you make mortgage payments. With
  that decrease, your equity increases. Once you
  have accumulated enough equity, you can access it
  when needed. Here are a few ways to build your
  Boston homes equity.
• Increase Your Down Payment
• Your down payment is a part of the homes value
  that must be paid upfront to make the purchase.
  The minimum down payment requirement varies
  depending on the mortgage type, ranging from 0
  to 20. Paying a higher down payment helps you
  increase your equity instantly. Since you are
  not borrowing any money from the bank when you
  make a down payment to purchase your house, the
  down payment will immediately add to your
  propertys equity.
• Make Improvements
• Home improvements and remodeling will add value
  to your Boston property and help you build
  equity quickly and effectively. You can improve
  the landscape of your house to enhance its curb
  appeal. You dont always have to get a
  sophisticated lawn with expensive plants and
  fountains. A simple well-maintained lawn can add
  equity to your home. Adding another bedroom,
  updating lights, or making kitchen improvements
  will increase your houses equity.
• Pay More on Your Monthly Mortgage
• Your equity stake rises as you pay off the
  mortgage. Though you will pay the interest and
  principal amount in a mortgage, the first payment
  will always focus on the interest instead of the
  principal. Use any extra money, including budget
  surpluses, bonuses, inheritances, tax refunds,
  and other windfalls, to pay down your principal
  balance more quickly. If you have the means to
  pay an extra little every month, ask your lender
  if there is a way to make these additional
  payments towards the principal amount.
• Avoid Mortgage Insurance
• Private Mortgage Insurance (PMI) is an added
  charge in your mortgage payment and is non- tax
  deductible. You must pay PMI each month and your
  mortgage payments when you make a down payment
  below 20. Your PMIs will only get canceled when
  you own 22 of the equity. Try to put more than
  20 down payment on your home to avoid paying PMI
  each month. Cutting off these PMIs can save you
  more money and help your home equity grow.
• If you are looking to sell a house fast in
  Boston, MA, and move to a new home, but you have
  your mortgages and low equity as hindrances,
  consider selling your house to a cash home buyer
  in Boston, MA.
• Author Bio

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