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Simple English definitions for legal terms

home equity

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A quick definition of home equity:

Home equity is the amount of money that a homeowner owns in their home. It's like a savings account that grows as the value of the home increases and the mortgage loan is paid off. For example, if a person buys a house with a loan and pays 20% of the price, then they own 20% of the home and the lender owns the other 80%. As the homeowner pays off the loan, their equity in the home increases. Home equity can be affected by changes in the housing market and the amount of debt owed on the property.

A more thorough explanation:

Home equity refers to the value of a homeowner's ownership interest in their home. It is calculated by subtracting any outstanding liens or debts on the property from its current market value.

For example, if you bought a house for $300,000 with a mortgage loan and have paid off $100,000 of the loan, your home equity would be $100,000. This means that you own one-third (or 33.33%) of the property, while the lender still has a two-thirds (or 66.67%) interest in the house until the loan is fully paid off.

The amount of home equity you have can change over time due to various factors, such as changes in the local real estate market or improvements you make to the property that increase its value.

Having home equity can be beneficial for homeowners, as it can be used as collateral for loans or lines of credit, or as a source of funds for major expenses like home renovations or college tuition.

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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