Equity is the difference between your home’s value and the amount you owe on your mortgage. It is important for building wealth and can serve as a valuable resource for home improvements or debt repayment. As you make mortgage payments and as your home value increase, your equity grow. Surprisingly, many Americans are sitting on significant equity in their homes. In fact, over two-thirds of homeowners have either completely paid off their mortgage or have at least 50% equity. This means that 38.7% of homeowners own their homes free and clear, while 28.7% have mortgages with over 50% equity.
Source: Keeping Current Matters
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
