11/02/2022
Here's the difference between home value and home equity 💰
The value of your home is based on an assessment of your property's value, based on the location, condition, and multiple other factors.
Home equity increases in two ways:
1) As you pay your mortgage down, your home's equity will rise.
2) Your equity will also increase if the value of your home jumps. However, this also works inversely. If your home value drops faster than the rate you're paying your mortgage, you could lose equity.
If you need help with buying a home, book a free consultation call and let's chat!
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