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Your home equity is the portion of your home that you own. So, your home equity is the current value of your home minus your mortgage balance.
Your home equity grows as the value of your home appreciates with time and as you make on-time mortgage payments. When you take out a home equity loan, you convert your home’s equity into a new debt in exchange for cash.
Home Equity Loan
If you own a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity. With a home equity loan or home equity line of credit, you can borrow against the value of your home. This could be a good strategy for you if you need to get extra money to pay for a large expense.
