Downsizing and Calculating Home Equity on The Main Line PA is a quick guide to knowing what your home is worth prior to downsizing. So you think you might be ready to downsize and have some equity in your home. Now you’re probably wondering how do I determine how much equity I have? What are my options?
I would be asking myself the same questions. “How do I calculate my equity? What factors contribute to how much I have? I have helped many clients thinking about downsizing determine how much equity they had in their home on The Main Line.
Determining your equity in your home depends on a few factors. First you need to know how much you still owe on your mortgage. This amount will be taken out from your appraisal price or sale price. Second, you would need to know what your house is worth when you sell it today. As you know, the market fluctuates and home values change. Say your home appraises and/or sells for $1,200,000. You still owe $400,000 on your mortgage. Then you would have $800,000 of equity into your home. You would then be able to take this amount when you downsize and use it for a number of things. You could pay down loans and debts, you could use it for travel, or you could use it toward investments or family. Think of all the things you could do with the equity in your home!
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I am excited to inform you about downsizing and get you the most equity out of your home and if you found Downsizing and Calculating Home Equity on The Main Line PA helpful, please contact us. Subscribe to Youtube Here. Kimmy Rolph Sells The Main Line and local Areas.