Unlock the Power of Home Equity: What It Is and How to Use It for Your Next Move
When you buy a home, you’re not just securing a place to live—you’re also building financial power through home equity. So, what exactly is home equity? According to mortgage giant Freddie Mac, home equity is the difference between your home’s current market value and what you still owe on your mortgage. Think of it as the portion of your home that you truly own, which grows as you pay down your loan and as your property increases in value.