If you own a home your net worth likely just got a big boost thanks to rising home equity equity is the currentvalue of your home minus what you owe on the mortgage and today Floridians are building that equity far faster than you may expect the average Florida homeowners equity has grown by $90, 000 in the past 12 months.

one of the highest appreciating states in the country here's how we compare to the rest of the country as you can see prices are up a lot just about everywhere but the western states and Florida are leading the nation a lot of people that their homes were no longer as perfect as they thought after the pandemic. If you want to do renovations or additions to your home to make it more suitable long term, you can take out a home equity line of credit to do those upgrades.

This allows you to borrow at a much lower interest rate than credit cards can because they typically have interest rates in the 20 or more percent range. Rising equity allows you to have a bigger down payment on your next home when you move up or when you downsize. To find out just how much equity you have in your current home and how you can use it to your next purchase, let's connect so we can get a professional equity assessment report on your house.

Posted by Andy Mandel on
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