Question

What is home equity?

Answer 1

A proportion of your property that you truly own.

Step-by-step explanation:

Home equity is a homeowner's interest in a home. It can increase over time if the property value increases or the mortgage loan balance is paid down.Put another way, home equity is the portion of your property that you truly “own.” You're certainly considered to own your home, but if you borrowed money to buy it, your lender also has an interest in it until you pay off the loan.

Btw I found this in a website

Hope this helps

Answer 2

A home equity is the total value of your home, having discounted all debts the house owns.

This value may increase depending on the economy of a country, the demand that exists, any remodeling or arrangement that the owner makes in his house, etc.

It can also decrease if the economy of a country is bad or has little demand, or the house is damaged, mortgaged, etc.

If your house is mortgaged and you would like to sell it, then the home equity will be less than if it were not.