Your home’s value can help you leverage a nice loan.
You’ve probably heard other people refer to their home’s equity. In the simplest terms, equity is the difference between the market value of your home and what you have left to pay on your mortgage. It’s expressed in a statistic called the loan-to-value ratio. The higher that number, the more likely it is that a financial institution will lend you money using your home as collateral. This calculator helps you determine the equity in your home using your outstanding mortgage balances and the appraised value of your home.