Main Contact: Drew C. LaBarbera, RMLO
NMLS: 260569
2104 Green Hill Drive
McKinney, TX 75070
Phone: 903-814-2344 Fax: 214-237-4070
Español: 214-683-5023 Email: drew@planwealth.net

Main Contact: Drew C. LaBarbera, RMLO
NMLS: 260569
2104 Green Hill Drive
McKinney, TX 75070
Phone: 903-814-2344 Fax: 214-237-4070
Español: 214-683-5023 Email: drew@planwealth.net


Sunday, August 14, 2022
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Build Home Equity Faster

Many borrowers use a refinance to shorten the term of the mortgage. Even at a lower rate, a shorter term means higher monthly payment. The benefit is you will build up equity faster and the total amount of interest paid will be less over the life of the loan.

If reducing your mortgage to a 15-year term and the higher payment is not in your budget, your best means of building equity is to refinance for less than 30 years. To do so, ask your mortgage professional to customize your new loan’s term to match the years left on your old loan. If you are five years into a 30-year mortgage, for example, ask for a 25-year loan.

Drew LaBarbera, RMLO DBA Planwealth Financial Services
NMLS: 260569 | Company NMLS: 353562

Drew LaBarbera, RMLO DBA Planwealth Financial Services
NMLS: 260569 | Company NMLS: 353562