Tuesday, December 13, 2022 / by Ameil Gill
”Home Equity" … everyone wants it, but what exactly is it … and how do you get it?
Home equity is the portion of your home that you’ve paid off, in relation to today’s market value: It is the difference between what the home is worth and how much is still owed on your mortgage. As time goes on and you continue to pay down your mortgage principal, your equity grows. Usually, the longer your own your home, the more equity you gain … because you are paying down your mortgage.
The changing real estate market also influences your equity. For example, as prices appreciate and increase, your home value increases, which therefore increases your equity. Another way to easily increase home equity is by making improvements to your home that increase its value.. Reach out to me first when you are making important home decisions.— I know what adds value and what can hinder value!
Interested to know how much equity you currently have in your home? Let’s chat — I would be happy to provide a free equity assessment! You meet with your Dentist regularly, and you should get a financial checkup on your home, too.