What is Home Equity and Do I Have Any?
Home equity represents the current market value of your home minus any outstanding mortgage balances you owe. As you make mortgage payments over time, your home equity increases.
Many homeowners are surprised to learn just how much equity they’ve accumulated over the years, especially in markets where property values have continued to rise.
Homeowners can utilize their home’s equity through various means, such as a home equity loan or a home equity line of credit (HELOC). These products can be used to leverage the equity in a home to complete home improvements, consolidate debt, or handle a large purchase or expense.
If you’re curious about your home’s equity and wondering how you can use it, NIHFCU’s home loan specialists are here to help. We can guide you through calculating your equity, exploring your options, and deciding the best way to use this powerful financial tool.
Rates, fees and terms as of April 28, 2024 and subject to change without notice
