A mortgage is a legal agreement that gives a lender the power to repossess your house if you do not repay the money you borrowed at the agreed-upon terms.
How much equity do you have in the home?.
- Home equity describes the difference between the appraised value of a home and the outstanding mortgage amount. In other words, home equity equals to estimated current value minus mortgage balance.
- The term "loan" can refer to any financial transaction in which one party gets a flat payment and agrees to repay it.A mortgage is a sort of loan used to fund real estate.A mortgage is a sort of loan, however mortgages are not all loans.
In the cases: Current value $ 200,000
Mortgage balance : $50,000
home equity : =$200,000-$50,000
=$150,000.00
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