{"id":7574,"date":"2016-12-22T18:44:31","date_gmt":"2016-12-22T18:44:31","guid":{"rendered":"http:\/\/www.everyhome.com\/blog\/?p=7574"},"modified":"2023-08-16T16:00:57","modified_gmt":"2023-08-16T16:00:57","slug":"much-equity-home","status":"publish","type":"post","link":"https:\/\/www.everyhome.com\/blog\/2016\/12\/22\/much-equity-home\/","title":{"rendered":"How Much Equity Do You Have in Your Home?"},"content":{"rendered":"

Whether you’re interested in selling, refinancing, or taking out a home equity line of credit (HELOC), you’ll need to know the amount of equity that you have in your home.<\/p>\n

\"home-equity\"<\/a><\/p>\n

The first step is to take a look at your monthly mortgage statement to get a sense of your outstanding balance.\u00a0 If you’re like most Americans, you might not\u00a0even think to check the big number on your statement more than once per year (and after all, it’s a number that we tend to avoid looking at for too long). \u00a0For the sake of this example, let’s say\u00a0you still owe $200,000 on your home loan. \u00a0If you have a second mortgage or any liens on your home, add those totals to this number as well.<\/p>\n

\"\"<\/a><\/p>\n

The next step is to consider the current market value of your home – and this is where it can get tricky. If you’re refinancing, you’ll be required to get a professional appraisal of your property. \u00a0They can typically be scheduled within a week or two and cost a few hundred dollars. If you’re just curious about your home’s value, however, a real estate agent can assist you by providing you with a Comparative Market Analysis (CMA) which will provide you with an estimated value based on similar properties that recently sold nearby. \u00a0For this example, let’s say your real estate agent estimated that your home is worth approximately $250,000.<\/p>\n

\"Realtor<\/a><\/p>\n

To calculate your equity, you simply deduct the total of any mortgages and\/or liens from your home’s current market value. \u00a0In this case, the homeowner has approximately $50,000 in the home. \u00a0To calculate the loan-to-value ratio, you divide the total of the mortgages and\/or liens by the current market value — in this case, the LTV ratio is 80%.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Whether you’re interested in selling, refinancing, or taking out a home equity line of credit (HELOC), you’ll need to know the amount of equity that you have in your home. The first step is to take a look at your monthly mortgage statement to get a sense of your outstanding balance.\u00a0 If you’re like most…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[420],"tags":[52],"class_list":["post-7574","post","type-post","status-publish","format-standard","hentry","category-mortgage","tag-mortgage"],"_links":{"self":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts\/7574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/comments?post=7574"}],"version-history":[{"count":3,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts\/7574\/revisions"}],"predecessor-version":[{"id":8725,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts\/7574\/revisions\/8725"}],"wp:attachment":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/media?parent=7574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/categories?post=7574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/tags?post=7574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}