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The difference between how much your home is worth and what you owe is called your home's equity. Suppose your home is appraised at $300,000, and your mortgage is $215,000, the equity value of your home is $85,000.

The value of your equity is an important part of your total net value.

Building equity on your own:
There are two ways you can create/increase the equity worth of your home. Paying your mortgage regularly, on time every month will help decrease the amount you owe, and increase the value of your home. Paying more than the required monthly premium will help expedite the equity increase.

Another means for building home equity is by making home improvements and add-on. For example, using the same numbers as above, lets say you home is worth $300,000, and your mortgage is $215,000. You have recently added a pool to your home that helps increase the value of your home by $10,000, making your home worth $310,000. Instead of $85,000 in equity, you know have $95,000.

Fair market value and equity worth:
Over time , the market value of your home is going to increase, resulting in you having more equity. For example, lets say you purchased your home in 2000 for $200,000. A recent appraisal values your home at $300,000. This means you have $100,000 in disposable equity.

Star Loan Services offers great rates for good and bad credit home equity loans!




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