Equity: Finding Money in Your Home
Equity: Finding Money in Your Home
What is Equity?
What is Equity? Equity is the portion of your house that you own. To determine the amount of equity you have in your home, first start by determining its current value. The value can either be higher or lower than what you initially paid for it depending on several factors including changes in your neighborhood, real estate market changes, improvements you've made to the property, or just general appreciation of the property. Once you have calculated the value of your property, subtract the balance of the mortgage loan attached to the property to get your current equity.
