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What is Home Equity?
Most definitions of home equity make it seem much more complicated than it really is.
Here's a very simple way to understand it: If you were to sell you home today (at a fair market price) and pay off your mortgage, how much money would you get back?
In a nutshell, that is home equity.
A more specific explanation of home equity is the difference between the market value of the home minus the amount of total liens (ie mortgages) against the property.
Home equity is what drives second mortgages, which come in the form of home equity loans and home equity lines of credit.
To immediately find out your home's equity, try using a home equity calculator.
Next: Would you like to be matched with up to five home equity and second mortgage lenders?
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