Leverage Your Equity When You Sell Your Property

Dated: March 29 2023

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How To Leverage Your Equity When It's Time To Sell


One of the many benefits of being a homeowner is that you build equity over time. The longer you own your home the more equity you can acrew. When you sell your house, the equity you've built can be used towards purchasing your next home. 

What does it mean to have equity in your home? Having equity in your home means that you have ownership value in your property that is beyond any outstanding mortgage or loan. Equity represents the difference between the current market value of your home and the outstanding amount of your mortgage or other loans. For example, if your home is worth $500,000 (appraised property value) and you have an outstanding mortgage of $300,000 you will have $200,000 of equity in your home. The equity in your home can be used for a variety of purposes, such as taking out a home equity loan or line of credit, refinancing your mortgage, or selling your home for a profit. 

By selling your house and leveraging your equity, it can be easier to pay for your next home. Maybe your family is growing and you need more room, or you've become an empty nester and it's time to downsize let's connect today so you can find out how much home equity you have and start planning your NextHome! 

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