How can I find out how much equity I have in my home?
Our homes are often the most expensive asset we own. As we pay for them, we build equity. The value of your home, minus the debt against it, equals the equity in it. For example, a $100,000 home with a first mortgage of $50,000 and a second (home improvement loan) mortgage of $15,000 has $35,000 in equity.
The value of your home can be estimated based on a tax appraisal value which is often lower than the appraised value. A market analysis is a comparison of your home to others in the area, but done without detail. It can be more accurate than the tax appraisal but is less accurate than a complete appraisal. The tax appraisal is free to you as it is from the government and is what your property taxes are based on. A market analysis is a quick valuation done often when a home is being put on the market. There may be a cost to have this done, especially if you do not intend on selling your property. A full appraisal will cost several hundreds of dollars or more, depending on the property. These are done only by licensed professionals.
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Our homes are often the most expensive asset we own. As we pay for them, we build equity. The value of your home, minus the debt against it, equals the equity in it. For example, a $100,000 home with a first 