7 ways to build equity in your home

You may dream of the day you pay off your mortgage in full and don’t have to make monthly payments anymore. But there are other benefits to paying down your loan too — the main one being that you get to build equity. Home equity is the accrued paid-off portion of your home. You can receive that equity as cash with a cash-out refinance or second mortgage, then use the money to pay for other big expenses. What is home equity? Home equity is the percentage of your mortgage you’ve paid off and own outright. ...