What is equity?
You might hear from your mortgage broker, your bank or your parents: “Oh, I’ve got x amount in equity”, but what is it?
Equity is the amount of money that you own in your property that the bank doesn’t have.
If your property is worth $500k and your loan is $400k, that means your equity is $100k.
PROPERTY WORTH – LOAN = EQUITY
$500,000 – $400,000 = $100,000
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