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| Home Terms | |
| Home Equity |
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Information about 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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Definition of Home Equity
Home EquityThe difference between the price for which a home could be sold (market value) and the total debts registered against it.
Related Terms:Equity-based insuranceLife insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio. Equity investmentThrough equity investment, investors gain part ownership of the corporation. The primary type of equity investment is corporate stock. EquityThe 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 homeOne of a group of homes in a two-story building, with own garage and entrance. Courtyard homeA home with a courtyard as its main entrance. EquityThe 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 warrantyLike any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.  Patio homeSmall, single-family home with a patio. Single-family homeA detached house. Stick-Built HomeA 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. |
