What Is Home Equity

by Homeowner

Ask Kate: What Is Home Equity? Can I use it to consolidate debts? Dear Kate, Can you tell me how to calculate the value of my property? I want to know how much equity I have in my house. In the past, I got letters telling me how much. I need to borrow money to pay medical bills. Thanks, Homeowner

Kate Answers: What Is Home Equity? Can I use it to consolidate debts?

Dear Homeowner,

Home equity is the difference between the value of a house and the amount owed. So if your home is worth $200,000 and you owe $150,000, you have $50,000 of equity. One good way to find out how much your home is worth is to call your original real estate agent or one who currently specializes in your neighborhood.

Tip: When a real estate agent helps out a homeowner like this, they don't receive a paycheck. Pay it forward by referring someone you know to the Realtor who wants to buy or sell a house.

Once you get an estimate from an agent, call your lender to ask about a home equity loan.

If you don't have enough equity to borrow against your home, you can also consolidate debts with a personal loan. A reputable debt consolidation company can help you examine potential solutions to getting out of debt.

Fresh Paths To Debt Relief And More Income

Here are some suggestions for eliminating debt and increasing income.

Modify your mortgage. Mortgage loan modifications can be done by homeowners. But should they? For answers to this question, visit my mortgage modification review at Is Mortgage Loan Modification Easy?

A good source of personal loans is LendingClub.com. It is a long over due concept whose time may have finally come. Both borrowers and investors benefit. Check out my review at Peer To Peer Lending - Cut Out The Bank.

Site Build It - Can A Girl Really Fly - A lot of people affected by the recession have lost money in the stock market. I'm glad to point to a solution like Site Build It that is willing to go the extra mile, to train people how build a website, an effective website that makes money.

Take a moment to bookmark What Is Home Equity? Can I use it to consolidate debts? to your favorites so you can easily return in the future.

Please come back and visit often. Help me spread the word by sharing my website with your friends. Remember, all of my information is free!

Best Wishes,

Finding HELP You Need For Refinancing

Refinancing Advice - Your opportunity to get down to earth refinance nuts and bolts from a mortgage insider.

Having trouble refinancing your mortgage due to fallen property values? Go to Special Edition Making Home Affordable Options, a Super Kate overview of available help.

Announcing Kate's Mortgage Information Planner - To save money, get your ducks in a row first.

Are you a homeowner trying to decide if Mortgage Refi is worth the cost?

How To Compare Mortgages - Interest rate, loan amounts, closing costs, cash out, length of term, monthly payments, yes it is enough to make anyone want to toss up their hands.

Real Estate Investor Loans - Three options for investors sandwiched between negative cash flow and plummeting real estate values.

Surprise, it's a barn! Is a Certificate Of Occupancy necessary for your home mortgage refinance?

Refinance With Cash Out - Where is my loan approval?

Save Money Using My Special Refinance Formula "I am a great believer in luck, and I find the harder I work that the more of it I have." --Stephen Leacock

Fresh Refinance Ideas - There are reasons why and why not to refinance promoted by the media, mortgage lenders and financial gurus. The fact is, only you can decide.

What can you do when Refinancing With Bad Credit threatens to derail your dreams?

You don't know it yet but the secrets I am about to share with you have never been explained anywhere else. Don't miss Ask Kate's Secrets To Refinancing!

Low Mortgage Payments For Home Owners - Before you decide on a company, learn how to ask questions and qualify your lender.

Don't be distracted by refinancing lingo. You just need my 10 best kept secrets to Low Mortgage Payments.

Ask Kate About Refinancing - Ask a question to get an answer from Kate.

Refi Stories - A collection of refinancing stories told to Kate by current homeowners.

Refi Ask and Answers - A collection of refinancing questions, each with a individual answer from Kate.

Return from What Is Home Equity to Get-Your-Best-Mortgage-Rate home page

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com