03/29/2022
Home Equity! What is it and how is it useful?
Simply put, home equity is the share of your home that you own, versus what you owe on your mortgage. For example, let’s say your home is worth $250,000 and you owe $150,000 on your mortgage, your equity (the amount you own) is $100,000!
Your equity can increase in two ways! Paying down the loan on your home or an increase in the value of your home!
How is it useful? Equity is an important financial tool and one of the greatest financial benefits of owning a home! With home equity you can not only build wealth long term but you can tap into your current equity to gain funds to complete home upgrades and renovations that will increase the value of your home! Hence increasing your equity!!!
Message us today on how we can help you increase your equity!