Hi career_counselor,
Your equity is the amount of money that you've paid off against the value of your home. You can subtract the amount of the mortgage balance from the current fair market value of your home. As the mortgage balance decreases, the equity in the property increases. For example, if your home has been appraised for $175,000.00 and you owe $150,000.00 on your mortgage, then your equity is $25,000.00.
Thanks
Your equity is the amount of money that you've paid off against the value of your home. You can subtract the amount of the mortgage balance from the current fair market value of your home. As the mortgage balance decreases, the equity in the property increases. For example, if your home has been appraised for $175,000.00 and you owe $150,000.00 on your mortgage, then your equity is $25,000.00.
Thanks
Find out the difference between the value of your asset and your mortgage balance.
it is the difference between current market value and your mortgage balance amount.
In other words it is a portion of current market value of property which will go to you if property is sold in the market right now.
In other words it is a portion of current market value of property which will go to you if property is sold in the market right now.