Home Equity?

Question

How do you go about finding out how much equity you have in your home? And what exactly is home equity?

Answer 1

Equity is the difference between your mortgage balance and your appraised value, not tax value. ( appraised value - Mortgage Balance = Eqhuity, kind of like a savings account) Tax value is what the county gives you, appraised values are for loan purposes..FYI, I am a Mortgage Broker, I have been in this business for over eight years.