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How is home equity determined?

Your home equity is determined by comparing what your home is worth to what you currently owe on your mortgage. For example, if you owe $200,000 on your mortgage and are under contract to sell your home for $300,000, then you’re sitting on $100,000 in equity. It’s important to note that equity does not equal profit.

What is home equity & how does it affect my finances?

Home equity is the difference between the appraised value of your home and the amount you still owe on your mortgage. The amount of equity you have in your home impacts your finances in a number of ways— it affects everything from whether you need to pay private mortgage insurance to what financing options may be available to you.

Can equity be used to buy a house?

And over time, equity can turn your mortgage debt into a sizeable asset. You can use it to get a line of credit, a home equity loan, or a refinance. Alternatively, if you’re considering selling your house, that equity you create can be used toward purchasing your next home.

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