4. BUILD EQUITY FASTER
Shortening your loan program will reduce the portion of your monthly payment that goes toward interest and will allow you to pay off your principle faster – and build equity faster.
5. SWITCH TO A FIXED-RATE LOAN
If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance to a fixed-rate loan. Locking into a fixed rate can protect you from rising interest rates to come, and a fixed payment is easier to plan and budget for.