What is home equity?
By Evelyn Bruder, CRS, GRI, ABR, E-PRO
(Steinborn & Associates Real Estate)
Today I am going to talk to you about what home owner equity is, why it's important, and the 3 ways you can create equity in your home! What is Home Equity? Equity is the difference between the value of a property and what is owed on the mortgage. In terms of sellling, equity is the amount of money a homeowner receives when he sells the property and pays off the mortgage. So if the homeowner wants more money, building equity is a way to go. You will be astonished about the distribution of wealth in this country and how much of YOUR Net Worth / Wealth is in your Home Equity. The top 20% of the population controls 80% of the wealth of this country with a minimum Net Worth of over $16 Million dollars. Of the 80% of us that are left we have a mean Net Worth of about $200,000. 50%-60% of ou...