Mortgage Term of the Day: Equity - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Monday, February 10, 2014

Mortgage Term of the Day: Equity


eq·ui·ty [ek-wi-tee] noun

Equity is the difference between the current value of your home and what is still owed. If you own a home that is worth $500,000 and you still owe $230,000 on your mortgage, you have $270,000 equity in your home. You can also think of equity in terms of how much money you would get after the sale of your home after paying off your mortgage

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