Understanding Your Home's Value
Before you bought your home, homeownership sounded appealing for many reasons, including the ability to build equity over time. Find out what equity means and how it can play a big role in your financial future.
Nestled within the Truth in Lending document your lender provided is your amortization schedule. This is a very important table that outlines every monthly payment you’ll make and its contribution toward equity. Equally important, it will show the real cost of the home at the end of your loan term.
You already own your home, so why does it matter how the local real estate market is doing? Because the value of your home depends on it. It's important that you watch your local market carefully, especially if you are thinking about selling or refinancing.
If you owe more on your mortgage than your home is worth, there are options – whether you're looking to stay in your home and refinance or leave your home.