{"id":276,"date":"2023-01-20T16:26:36","date_gmt":"2023-01-20T16:26:36","guid":{"rendered":"https:\/\/www.ebwmtg.com\/blog\/?p=276"},"modified":"2023-01-20T16:26:55","modified_gmt":"2023-01-20T16:26:55","slug":"home-equity-basics","status":"publish","type":"post","link":"https:\/\/www.ebwmtg.com\/blog\/home-equity-basics\/","title":{"rendered":"<strong>Home Equity Basics<\/strong>"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2023\/01\/EB-blog-pic-1.jpg\" alt=\"\" class=\"wp-image-277\" width=\"398\" height=\"266\" srcset=\"https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2023\/01\/EB-blog-pic-1.jpg 873w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2023\/01\/EB-blog-pic-1-300x200.jpg 300w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2023\/01\/EB-blog-pic-1-768x513.jpg 768w\" sizes=\"auto, (max-width: 398px) 100vw, 398px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">By owning your own home, equity allows you to build wealth through time. Homeowners are responsible for maintaining the house after the mortgage closes, but it\u2019s not for nothing. Home equity builds with each payment made towards your mortgage and the value of comparable sales in your neighborhood.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home equity is the value of your home beyond how much money is owed. If your home is worth $350,000 and $300,000 is owed, you have built $50,000, or 14%, home equity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Equity can be calculated in many ways, including down payment at the time of purchase, loan amount, appraisal value, paying toward principal, and depreciation.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home equity can be used as a loan through a Home Equity Line of Credit (HELOC) or a home equity loan. Lenders usually won\u2019t allow borrowers to mortgage more than 80% of their home\u2019s total equity, but what can be borrowed can be used for a variety of things. Some borrowers use the money to pay off credit card debt, school tuition, taxes, and more.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Though equity generally rises over time, sometimes, depending on the market value of your home, equity can go negative. If your $350,000 home dropped in value to $280,000 due to an economic decline and if you still have a $300,000 mortgage, the equity will be negative by $20,000. A payment in full would be required to bring the equity to a break-even point. If you are not planning on moving soon, this wouldn\u2019t be an issue, but if you are looking to sell your house, it can be difficult to manage the difference.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Increasing your home equity involves paying down your mortgage and making minor or major repairs such as replacing your garage door, adding stone veneer, refreshing your kitchen or bathroom, resurfacing the driveway, replacing flooring, painting, roof repair, etc.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home equity is important for increasing your wealth and dramatically increasing the value of your house. As long as you don\u2019t overspend on remodeling and know all the fees and costs associated with your loan, your equity can grow substantially.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Looking to buy or sell your home or commercial property? Or perhaps you\u2019re thinking about a Home Equity Line of Credit (HELOC) or a home equity loan to pay down debt or make renovations? EB Mortgage offers the best rates for traditional and specialty lending. <\/strong><a href=\"https:\/\/www.ebwmtg.com\/contact\"><strong>Contact us<\/strong><\/a><strong> to learn more.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.ebwmtg.com\/\">EB Mortgage<\/a> is a locally owned mortgage company with experts in new home purchase, refinancing, and commercial loans. Our wholesale rates can\u2019t be beaten. We offer more products, more options, and more solutions. Our \u201c3C\u201d Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. <a href=\"tel:%20616-228-8797\">Call us<\/a> or <a href=\"mailto:contact@ebwmtg.com\">e-mail us<\/a> today!\u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Written by the digital marketing team at Creative Programs &amp; Systems: <\/em><a href=\"https:\/\/www.cpsmi.com\/\"><em>https:\/\/www.cpsmi.com\/<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By owning your own home, equity allows you to build wealth through time. Homeowners are responsible for maintaining the house after the mortgage closes, but it\u2019s not for nothing. Home equity builds with each payment made towards your mortgage and the value of comparable sales in your neighborhood. Home equity is the value of your&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-276","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Equity Basics - Blog | EB Mortgage<\/title>\n<meta name=\"description\" content=\"Home equity is the difference between what you owe on your mortgage and what your home is currently worth; learn the importance and value of building up home equity on our blog.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ebwmtg.com\/blog\/home-equity-basics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Equity Basics - Blog | EB Mortgage\" \/>\n<meta property=\"og:description\" content=\"Home equity is the difference between what you owe on your mortgage and what your home is currently worth; 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