Equity is just the gap between what your home is worth and what you still owe.
You don’t really do anything to earn it. You live there, you pay the thing, and the gap quietly widens in the background like a houseplant you forgot you were watering. I have clients right now looking at that gap and thinking about using it to buy something else. Some of them will. Some of them will look at the numbers and decide they’d rather leave the gap exactly where it is, and that is also a completely correct answer. What I won’t do is tell you it’s a great idea, because I don’t know your numbers and neither does anybody else on the internet. Borrowing against the place you live is a real decision with a real downside, and the person who should walk through it with you is a lender, not a Realtor with a ring light. But if you’ve been in your home a while and you have never once looked at what that gap actually is, go look. It’s your gap. Is this something you’ve done, or something you’ve thought about? Kelsey June Earl, Realtor, Keller Williams South Valley
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I am Kelsey Earl, a Realtor with Keller Williams South Valley serving Herriman and the south Salt Lake Valley, and Washington County when it is time. Every video starts as a question someone sent me.