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Home equity

Home equity

What is Home Equity?

Home equity is the amount of the home value owned. As you pay off mortgage loans, you end up building up more financial interest in the home, called equity. This is a value that doesn't get realized until you sell your home or tap into it using a HELOC, Cash out refinance, or similar loan.

When you initially obtain a mortgage, the Home Equity amount can be equivalent to your down payment.

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