The Equity Advantage! How to use your equity to leverage your next purchase.
As a seller looking to sell and purchase another property, do you know you can leverage your equity when selling your home? That’s right.
One of the key benefits of being a homeowner is that you build equity over time in your home. So, what is equity and how does it grow?
According to Bankrate and I quote “Home equity is the portion of your home you’ve paid off – in other words your stake in the property as opposed to the lenders. It is the appraised value of your home minus outstanding mortgage and loan balances.”
Chances are if you have been in your home for a while, you’ve likely built up a considerable amount of equity and may not realize how much.
According to the U.S. Census Bureau roughly 30% of homeowners have over 50% equity in their home.
The equity you have built up can be used to finance a portion of your next home and put you in a stronger position to purchase.
If you are a homeowner considering selling, let’s connect today so we can find out how much equity you may have to leverage your next move. Contact us at 619-851-6028.
This is Betty Torano with Big Block Realty.
Keeping it Simple, Keeping It Real