home equity
Home equity refers to the part of a home’s value that belongs to the owner of the house. Normally home equity is the difference between the market value of a house and the amount still owing on any mortgages. It’s quite possible to have negative home equity if the housing market has declined and the house is now worth less than the outstanding mortgage principal. That’s a tough situation to be in!
December 7, 2007 | Filed Under Money
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