2007-06-22 07:01:49 · 9 answers · asked by guadalupe s 1 in Business & Finance ➔ Renting & Real Estate
Only if you think money is important....
2007-06-22 07:03:59 · answer #1 · answered by Rob C 2 · 0⤊ 0⤋
To put it simply, equity is the difference between what you owe and the real market value of your property. So, if you sell your home, this is your profit, if you are not selling, you can use it to get a line of credit, if you are over 62 years of age, you can get a reversed mortgage and actually receive monthly checks from your bank.
These are some things, when equity is good and important.
Equity is not important when you have a lot of money and just do not care about another half a million "sitting" as equity in your home.
2007-06-23 00:30:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Home equity is very important fo rseveral different reasons.
2007-06-22 15:20:56 · answer #3 · answered by Lady 2 · 0⤊ 0⤋
It is one of the most important factors the MORE equity you have, the better rate you will get, and the easier it will be to get a 2nd mortgage if needed, and the it's more money for you if you sell the home at the full appraisal price.
So yes, it's VERY important
2007-06-22 14:07:15 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Definitely. You can apply for a home equity loan in case you need money badly.
2007-06-22 14:04:51 · answer #5 · answered by Belen 5 · 0⤊ 0⤋
Yes this way the cost of a loan you are borrowing won't be as high as the true cost of your home. I am trying to see how to manage taking things out of the home equity and bring the price on my taxes down...they are like 12000!
2007-06-22 14:04:31 · answer #6 · answered by thesoulcaged 2 · 0⤊ 1⤋
Yes. It means you own your home.
2007-06-22 14:04:29 · answer #7 · answered by regerugged 7 · 0⤊ 1⤋
It depends. I would say yes it is, but it really depends on your circumstances.
2007-06-22 14:04:05 · answer #8 · answered by imaquitter 3 · 0⤊ 0⤋
it is important sometimes
2007-06-22 14:04:10 · answer #9 · answered by daddys girl1 1 · 0⤊ 0⤋