Mortgage Glossary
Home Equity
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
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.
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