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Equity is the dollar difference between what the value of your home actually is and what you owe on your mortgages on the property. An equity loan is a loan against that amount of money.
EX: Your mortgages total $125,000 and you owe a balance of $90,000, your equity is $35,000.
EX: Your mortgages total $125,000 and you owe a balance of $90,000, your equity is $35,000.
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