Frequently Asked Questions (FAQ)
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Home equity is the difference between your property’s appraised value and the amount you still owe on your mortgage, known as a loan-to-value (LTV) ratio. A low LTV percentage generally means you’ll receive a lower interest rate for a home equity loan or home equity line of credit (HELOC), although each lender calculates rates a little differently. You can work to increase your home’s value in a number of ways, such as paying off your mortgage early or making certain home improvements.
