Home Equity

Home equity is the difference between your home's current market value and the amount you owe on your mortgage. Essentially, it represents the ownership stake you have in your property. As you make mortgage payments and your home's value increases, your equity grows. Home equity can be used as collateral for loans or lines of credit, providing access to funds for expenses like renovations, education, or other needs. It’s a way of turning part of your home’s value into cash while still maintaining ownership.