Considering a move but worried about affordability? Don't let that stop you! Home equity could be the key to making your dream a reality.
What is Home Equity?
Home equity is simply the difference between your home's current value and what you still owe on your mortgage. It's the portion of your home you've already paid off. The more you pay towards your mortgage and the more your home's value increases, the more equity you build.
Recent Home Price Growth Means More Equity for You
The good news? Home prices have skyrocketed in recent years. This means your home's value, and likely your equity, has probably grown more than you think!
How Can You Use Your Home Equity?
Here are two powerful ways your home equity can help you with your next move:
- Become an All-Cash Buyer: With enough equity, you might be able to buy your next home outright, skipping the need for a mortgage and its associated interest rates. This can be a huge advantage in competitive markets where cash offers often win.
- Make a Larger Down Payment: Use your equity for a bigger down payment on your next home. This lowers the amount you need to borrow and can lead to a more favorable interest rate. Essentially, you save money in the long run!
How to Find Out How Much Equity You Have
Connect with a trusted real estate agent to get a Professional Equity Assessment Report (PEAR). This report will give you a clear picture of your home's equity and how it can be used to fuel your next move.
Ready to Unlock the Power of Your Home Equity?
Let's connect! I can help you determine your home's equity and explore how it can help you achieve your real estate goals.
