Re: HGTV Dream House Giveaway

Actually I think it is like this - if you buy a house with a value of $100k
and you only owe $80k, then you have $20k equity. IF the value goes up to
$200k, then you now have $120k equity.

Now when it comes out to taking equity out of the house, most places still
want you to have more than 20% equity so if you only have 20% equity, you
cant take anything. But there are some places who will let you finance 100%
of your equity, but those would be at higher rates of interest. There are
even some who will let you borrow 125% of your equity, but I don't think I'd
be comfortable doing that.

Maureen

"Jeannie Wilson" <jwilson421@xxxxxxxxxxxxxxxxxxxx> wrote in message
news:Xns9757BCE46A68Bjwilson421comcastnet@xxxxxxxxxxxxxxxxx
> RaeMorrill <RaeMorrill@xxxxxxx> wrote here for all to
> seenews:729Cf.104954$XJ5.54270@xxxxxxxxxxxxxxxxxxxx:
>
>> worth 100,000 dollars I have 100,000 in equity.
>>
>> If I bought my house for 100,000 dollars 10 years ago and have paid the
>> loan down to 80,000, if the real estate market was fixed at that value
>> I'd have 20,000 in equity. However, as the market is generally not fixed
>> and usually goes up, now my house is worth 200,000 it means I have
>> 220,000 in equity. ..... I think....
>
> This could be wrong and I am incredibly tired from softball practice but I
> thought equity was what it was worth versus what you paid for it.
> Wait...the way you said it sounds right too. Told you I was tired!


.

Relevant Pages

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