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You have been waiting decades for this day. It is not your 100th birthday. It is not your 50th wedding anniversary. And, it not the day that the local TV station airs a 24-hour Star Trek marathon. Today, you will make the last payment on your home. You will officially own the house that you "bought" many years ago! Star">All of those overtime hours at the office, those countless weekends hunting through the newspaper for coupons, and the constant insistence that all of your kids wear the hand-me-downs from their older siblings have paid off! Your trip up Mortgage Mountain was worth it. When we first take out a mortgage for our home, it is difficult to imagine the day that we will pay it off in full. But the journey begins when we search for an equity home loan mortgage rate.

Equity Is a Good Thing
Equity is the amount by which a property's appraised value is greater than the debt value. If a home's market value is $200,000 while the mortgage balance is 50,000, the property's equity value equals $150,000. So, equity is a good thing when taking out a mortgage. The greater the equity in the house, the better. Adding equity to your home is fairly easy. Of course, making a mortgage payment is one way to build equity. And the sooner that you reach a hundred percent equity - or own your home, the sooner you can retire, have genuine wealth, and experience less financial stress. Also, the more equity you have, the better the equity home loan mortgage rate you can find.

Making your monthly mortgage payments based on your equity home loan mortgage rate is just the start. You can engage in other ways to build extra equity. The following are ways to build extra equity.

* Improve the size or quality of your home, via home improvements. Remember, though, that some improvements are more advantageous than others. Remodeling bathrooms is usually more beneficial than adding a swimming pool. And remodeling kitchens is usually more beneficial than attaching a skull door-knocker on your front door.

* Make a higher initial down payment when buying your home. This will also increase the equity. Think about it this way: the more money you invest in your home, the less you can waste

* Make extra principal payments or add to your monthly payment that will be dedicated to your principal. Less debt means less interest, so less of your payment will go to interest, and more will go to your principal. Also, each dollar you send reduces your debt by an equal amount. However, check if your lender permits extra payments of principal.

* Secure a lower equity home loan mortgage rate will allow you to refinance, if you are now in a long term mortgage - 30 years, for example. Also, you could initially secure mortgage with a shorter term. A shorter mortgage term translates into paying down your principal faster, thus earning extra equity, faster.

Rating Rates
While building equity in your home is wise, searching for the best equity home loan mortgage rate is equally important. Many companies have search engines that can find the best rates for you. Factors considered include where you will buy your home, and the loan amount.

The first important step in buying a home is buying a home. Afterwards, adding equity to your home is important in adding value to it. That will give you the equity home loan mortgage rate that none other can equal.