It’s no secret that the stock market has been on a wild ride lately. But for many homeowners, their equity in their home is still a major source of wealth. In today’s blog post, we’ll show you just how much equity you have in your current home. No matter what happens in the stock market, your home equity is still a valuable asset. So please connect with us and let’s take a look at exactly how much equity you have!
Home equity is the portion of your home’s value that you own outright. It’s important to remember that this number can fluctuate, depending on changes in the real estate market and your home’s condition. Nevertheless, it’s a good idea to know what your current equity situation looks like.
If you have a mortgage, your home equity is equal to the portion of your home’s value that you haven’t yet paid off. In other words, if your home is worth $200,000 and you owe $150,000 on your mortgage, then your home equity is $50,000.
You can also think of home equity as a type of savings account. It’s a valuable resource that you can tap into if you need to make home improvements, pay for college tuition, or cover other major expenses.
There are two main ways to increase your home equity: by making mortgage payments and by increasing the value of your home. Mortgage payments reduce the amount you owe on your loan, while increases in your home’s value can either come from the market or from improvements you make to your property.
If you’re interested in finding out more about your home equity situation, we’d be happy to help. Give us a call today and let’s talk about how much equity you have in your current home. We can also discuss ways to increase your equity even more, so you can have even more peace of mind in these volatile times.
Making mortgage payments is the most common way that homeowners increase their equity. As you make payments, you reduce the amount you owe on your loan and increase your ownership stake in the property. You can also increase your equity by making improvements to your home that increase its value. These improvements could be anything from a simple renovation to a complete remodel. If you’re thinking about making any changes to your home, give us a call first – we may be able to help you finance them in a way that increases your equity even more.
If you have any questions about your home equity or ways to increase it, please don’t hesitate to reach out. We’re here to help you navigate these waters, now and always.