What is the difference between the amount owed on a home and the homes value called?
That would be referred to as equity, and if often considered when taking a home equity loan. ChaCha!
Answered -
About Home Equity Loan
In a home equity loan, the borrower uses the equity in their home as collateral. It's used as a form of insurance for the lender.
About Home Equity
Home equity is the financial value of a home, minus the amount that is owed for the mortgage. If the mortgage is entirely paid off, then the homeowner's home equity equals the entire market value of the home. If money is still owed on the mortgage, home equity is equal to the market value of the home minus the amount the homeowner still owes on their mortgage.
Related Questions
-
If Jim made a $400 down payment on a washer and dryer that co...
-
What is the total amount of money that the U.S. government owes?
As of July 28, 2010, the "Total Public Debt Outstanding" was ...
-
What is the amount above what you owe, but below your maximum credit limit called?
The available credit is the amount that is equal to your cred...
-
What is the amount of money a national government owes?
The current national debt of the United States is $10,621,670...
-
Can you tell me the amount of a traffic ticket that i owe in henry county tennessee?
The amount that you owe will be written on your ticket. For m...
Comments