You can build equity as quickly as you can afford to. Remember, your monthly mortgage payments cover a portion of your loan’s principal and interest. The more you can pay down your loan’s principal, the more equity you’ll build. Making extra principal-only payments as often as possible will help you build equity faster, but may trigger prepayment penalties. Rocket Mortgage doesn’t charge prepayment penalties, but some lenders do. Check with your lender before you start making extra payments on your mortgage.