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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