How to Build Equity in a Home

Video Transcript

"Hi, so you're a homeowner, and you're wondering how to build equity in your property. No problem, I'll be able to answer that. My name is Adriel Torres, and I'm the owner of ultimatecredittoday.com. Now, in order to build equity in your property, you have to have time in the property, where you're making your mortgage payment, or you have to have money, where you can just either pay it off and build instant equity, or pay more to build faster equity. Now, those are the traditional ways. You have money, or you have time. You've been in it for a long time. Now, one easy way, is if you have any extra money at all, whatever that may be, you can send a payment by itself. It doesn't have to be in the mortgage payment, to the lender. You have to make sure that that payment is to be used strictly for principal reduction. What that means is, when the lender receives this payment, whether it's two hundred dollars, three hundred, four, whatever the case may be. They're going to apply it right to the principal, so they're going to be taking it off, right off what is owed, and not from your regular mortgage payment, where there is interest included in that payment, so if you have any extra money, go ahead and send it in, and the faster you send in those payments, the faster you're going to be able to build equity, in your property. Again, my name is Adriel Torres, and I'm the owner of ultimatecredittoday.com. Thank you very much."