Home Equity

Home equity is the difference between the current market value of your home and the amount you still owe on your mortgage. It represents the portion of your home that you own outright.

Home equity increases over time as you pay down your mortgage and as the value of your home appreciates.

You can access your home equity through various financial products, such as a home equity line of credit (HELOC) or a home equity loan, which can be used for purposes such as home renovations, debt consolidation, or other expenses.

Building home equity is a significant financial goal for many homeowners.

• Related Terms: Mortgage, Home Value, Real Estate, HELOC, Home Equity Loan