Equity is a powerful concept in real estate and a key benefit of homeownership. Simply put, equity is the difference between the current market value of your property and the amount you still owe on your mortgage.

For example, if your home is worth $300,000 and you owe $200,000 on your mortgage, you have $100,000 in equity. As you make mortgage payments, you gradually build more equity. Additionally, if your property’s value increases over time, your equity grows even faster.

Equity can be a valuable financial tool. You can borrow against it with a home equity loan or line of credit for major expenses, or use it as a down payment when buying your next home. Understanding and building your equity is a key aspect of successful homeownership and long-term financial planning.

If you have any questions about how to build or leverage your home equity, feel free to reach out by using the form below or call us at 828-516-1707.

We are here to help you make the most of your investment.