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How exactly does equity work?
Posted on 2/22/13 at 6:54 am
Posted on 2/22/13 at 6:54 am
Is it simply the difference between the purchase price of your home and what you currently owe?
3
Posted on 2/22/13 at 7:01 am to RandySavage
Posted on 2/22/13 at 7:20 am to RandySavage
It refers to the old accounting definition of assets = liabilities + equity. It applies to basically any economic entity, not just housing. Equity is what is left over after liabilities are taken care of.
It's what the owner has in the game, basically. In cases where there is no owner (nonprofits, government) it is called "net position" instead.
It's what the owner has in the game, basically. In cases where there is no owner (nonprofits, government) it is called "net position" instead.
Posted on 2/22/13 at 7:28 am to RandySavage
if you're wanting to borrow against your equity, lenders will give you around 80%.
You take 80% times your home value subtract how much you owe. the result is how much they are willing to lend.
You take 80% times your home value subtract how much you owe. the result is how much they are willing to lend.
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