Posts from May 24th, 2023
Montague Miller Blog
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May
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24
Homeowners have incredible equity to leverage right now
Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:
"Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage."
How Your Equity Can Help You Achieve Your Goals
The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home. If you no longer have the space you need, it might be time to move...