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Taking out a home equity loan on a paid-off house: A guide

The article at the provided URL discusses various strategies for paying off a home mortgage faster to build equity. It highlights methods such as making biweekly payments instead of monthly ones, which results in an extra payment each year, and making additional principal payments whenever possible. The article also suggests refinancing to a shorter-term loan, like a 15-year mortgage instead of a 30-year one, to pay off the home quicker and save on interest. Other tips include using windfalls like tax refunds or bonuses to make lump sum payments on the principal, and considering a recasting of the mortgage to lower monthly payments after making a large principal payment. The overall goal is to reduce the loan balance faster, thereby increasing home equity and potentially saving thousands in interest over the life of the loan.

Read the Full wgme Article at:
[ https://wgme.com/money/mortgages/get-equity-paid-off-home ]