First Time Home Buyer Tips | What is Home Equity?

http://searchforhomes.kurtclements.com/

Are you a first-time home buyer?

Have you ever heard of home equity?

How do you build equity?

Hi, I’m Kurt Clements with eXp Realty in the far west suburbs of Chicago.

Your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.

There are two ways you can build equity: one is by paying down your mortgage over time, and one is by your home’s appreciation.

The good news is these generally happen at the same time.
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When you first purchased your home, your equity was your down payment.

Let’s say you purchased your home for $350,000 and put 10% down. Your equity was your down payment, or $35,000.

Down the road, your home value appreciates and is now worth $425,000, and you owe $275,000 on the mortgage.

Your equity is now $150,000.

You can see that you build equity in two ways: by paying down your mortgage and by your home increasing in value over time.

What are your thoughts?

Please feel free to leave your comments in the section below, or better yet, please feel free to reach out!

Now that we know what home equity is, watch for our next video when we present Why Buying A Home Makes Financial Sense.

We’ll take a look at the actual numbers in the Chicagoland region.

And thanks again for watching.

As always, we’re here to help, and we’ll talk with you soon.

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Kurt Clements Realtor
Cell 630.430.1091
[email protected]
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eXp Realty, LLC
50 S Main St Ste 200
Naperville, IL 60540
Equal Housing Opportunity

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