Home Equity

What is home equity?

Home Equity Definition: Home equity refers to the value of a property’s financial interest, which equals the current market value less any amount owing or liens on the property. The overall value of a property or home can fluctuate over time based on a property’s current value, which is impacted by the market and how many payments are made towards the mortgage.

Home equity is often included in assessing the total worth or assets of a homeowner, and is commonly used when a borrower applies for a loan, credit product, or student loan. Many use home equity as leverage or collateral to access cash for other investments or loans.

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Other mortgage terms:

Mortgage Help Centre:

How to Get a Shared Equity Mortgage
How to Save for a Mortgage Down Payment
How to Get a Joint Mortgage
How to Use a Mortgage Calculator
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