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Home Equity
The current market value of a homeowner's property minus any outstanding mortgages or liens on the property.
More Details
Home equity is the value of a homeowner's interest in a property. It is the difference between the property's market value and any outstanding mortgage or other liens on the property.
Example
If you have a mortgage balance of $200,000 and the property is worth $500,000, the home equity in your property would be $300,000.
Related Terms
Grace Period
A set amount of time after a payment is due during which a late fee will not be charged.
Private Mortgage Insurance (PMI)
Insurance that protects lenders in case of mortgage default—typically required if the down payment is less than 20% of the home's purchase price.
Accrued Interest
Interest earned on a member's loan or debt that has not yet been paid or added to the principal.