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Definition of Home Equity

Home Equity Image 1

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.



Related Terms:

Equity-based insurance

Life insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio.


Equity investment

Through equity investment, investors gain part ownership of the corporation. The primary type of equity investment is corporate stock.


Equity

The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances.


Coach home

One of a group of homes in a two-story building, with own garage and entrance.


Courtyard home

A home with a courtyard as its main entrance.



Equity

The value of a homeowner's unencumbered interest in real estate. equity is the difference between the home's fair market value and the unpaid balance of the mortgage and any outstanding liens. equity increases as the mortgage is paid down or as the property appreciates.


Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.


Home Equity Image 2

Patio home

Small, single-family home with a patio.


Single-family home

A detached house.


Stick-Built Home

A house built without prefabricated parts. Also called conventional building.


Private Mortgage Insurance (PMI)

Insurance that protects mortgage lenders against default on loans by providing a way for mortgage companies to recoup the costs of foreclosure. PMI is usually required if the down payment is less than 20 percent of the sale price. home buyers pay for the coverage in monthly installments. PMI should be terminated when the home buyer has built up 20 percent equity in the property.



 

 

 

 

 

 

Related to : home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.


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