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

**Super Kate Tip: Why settle for less than perfect credit?
Consult the Experts to Clean Up Your Credit Report.**

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.

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Best Wishes,

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**Super Kate Tip: Why settle for less than perfect credit?
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