You get it when you sell your house, it's the part you own free and clear after you pay the unpaid mortgagebalance. What you owe, minus what your house is sold for, if this is a positive number that is your equity.
Answer by RyansMom001 at 6:34 AM on Jul. 5, 2010
Answer by layh41407 at 6:35 AM on Jul. 5, 2010
You can build equity by including an extra amount with your house payment and designate it to principle. It is the principle amount of the loan that is the actual amount you borrowed. Make sure you tell the bank where to put the money or they will apply it to interest which their money and principle is your money. If you have equity in your home, you can borrow against that equity, it is collateral. You have just made what is basically a 2nd mortgage. You can claim the interest paid on this loan just like your original mortgage.
Answer by jesse123456 at 7:17 AM on Jul. 5, 2010
Answer by plclemo at 8:43 AM on Jul. 5, 2010
Answer by layh41407 at 4:25 PM on Jul. 5, 2010
Answer by Iamgr8teful at 9:25 PM on Jul. 5, 2010
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