Home Equity
Home equity is the portion of your home you actually own, equal to its market value minus what you still owe on the mortgage.
What Home Equity means
Equity grows as you pay down principal and as the home appreciates. You can tap it through a home equity loan, line of credit, or cash-out refinance. It is a major source of household wealth.
Florida example
A homeowner with a Tampa house worth $400,000 and a $250,000 balance had $150,000 in home equity, some of which they later borrowed against for renovations.
What it is
Home equity is the part of your home you truly own. It is the value minus what you still owe on your mortgage.
It grows as you pay down the loan and as value rises.
Why it matters
Equity is real wealth you can tap through a loan or line of credit. It also grows your net worth over time.
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Verify the details for your own situation against these government and agency sources: CFPB home equity loan guide and CFPB Owning a Home guide.