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LSDefine

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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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