Are you a renter weighing the rent-vs-buy decision? Renting has its advantages. For example, renters have less responsibility for maintenance and repairs and can pick up and relocate quickly. On the other hand, homeownership also has benefits, allowing homebuyers to grow home equity with each mortgage payment.
What is home equity? It’s the current market or appraised value of your home, minus what you owe on your mortgage. These home equity FAQs can help you understand the value of your home, how to build equity, and the ins and outs of leveraging your property as loan collateral.