Did you know that the Average Market Value of homes in Illinois State bought last 2019 has increased by $65,196, around 12.1% this 2022?
Yes, That's correct. Every year, the market value of homes in Illinois State has risen by +65,000. For more than two years or more, homeowners might already have developed significant equity in their homes. Many homeowners do not realize the value of their homes as years pass by paying monthly mortgages and taxes. This article will explain what home equity is and how important it is to know its uses for personal gains, investments, and emergencies.
What is Home Equity?
In simpler terms, Home equity is the difference between how much your home is worth and how much you owe on your mortgage.
What are its uses and benefits?
1. Pre-approvement of new loans
2. Home Improvements
3. Home Insurance
4. Home Investments
Pre- approvement for new loans
You might be thinking of moving, and knowing your home equity is the first step in getting pre-approved for a loan. You might even be able to move into your dream home with mortgage payments lower or equal to what you pay now!
Home Improvements
Making at least one update to your home every once can help ensure you get top dollars when it's ready to sell!
Home Insurance
It's always a good idea to ensure that you have the correct amount of insurance coverage, should you ever need to make a claim. Plus, with the increase in value replacement costs, you could be underinsured and not know until it's too late.
Home Investment
If you are an existing homeowner, you could borrow against the equity in your current home to help buy an investment property. There is a range of options available such as loan top-ups and supplementary loan accounts.
The Lisa Jensen Group will be giving a free market value report for your homes. You can Sign-up and leave your address in the note to receive the free information via email. https://pages.kw.com/lisa-jensen/619676/home_equity_analysis.html