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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 final tally of:
- the appraised value of the home
- minus its original purchase price
- plus the down payment
- plus payments toward the principal
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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