Discover How Home Equity Can Help Overcome Affordability Obstacles
By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Have you considered selling your home? If so, you might be questioning whether you made the right choice given the current mortgage rates. Some homeowners are hesitant to sell and purchase a home with a higher mortgage rate. If this concerns you as well, you should be aware that while rates are high right now, so is home equity. What you should know is as follows. How equity develops and what it is, according to Bankrate:“Home equity is the portion of your home that you’ve paid off and own outright. It’s the difference between what the home is worth and how much is still owed on your mortgage. As your home’s value increases over the long term and you pay down the principal on the mortgage, your equity stake grows.”In other words, equity is the difference between the current value of you...
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