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Home Equity • January 9, 2021

The Importance of Home Equity in Building Wealth.

by Victor DeJesus
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Homeownership has always been the first rung on the ladder leading to household wealth. As Freddie Mac recently posted: 

“Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.” 

Home equity is the difference between the current market value of your house and the amount you currently owe on your mortgage.  To estimate your equity, subtract your mortgage balance from the market value of your home. 

You can find what you owe on your mortgage by looking at your last monthly statement or by contacting your lender.  If you need help determining the current market value of your home, visit www.cmaprice.com for a free automated home value estimate. It is a great site that delivers quick answers toward your home’s value. 

Here is to Home Equity & Building Wealth for tomorrow while having a place to call home!

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