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If my home is estimated to be worth $94,000.00 then how much equity is in the home?

  • September 21 2013 - Zion
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Answers (7)

Depends on how much you owe.  If you are looking to refinance, you may be able to even if you have negative equity.  Contact me for more information.

Best Regards,

Patty Harrison
Smart Mortgage
  • September 25 2013
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If you owe more than the estimated value you have negative equity.  You are underwater. 

The best resource to help you determine local fair market value is a real estate agent.  Don't use the Zestimate.  Real estate value is localized not national.
  • September 21 2013
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subtract your mortgage from the value to see the approximate equity, but the Zillow estimates are almost always off base and sometimes by a ton!! Do not rely on it. Have a couple of agents see what the market value might be.
  • September 21 2013
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It depends on how much you owe on your house. If you have only one mortgage then you would deduct the balance of that mortgage to come up with the equity. However many people will get a home equity loan too. So if you have any other loans that have a lien on your house then you have to deduct all of the loans against your house. So If the value of your house is $94,000 and you have a first mortgage of $70,000 and a home equity line of credit of $4,000 then your equity would be $20,000. Sometimes people owe more on their house than the house is worth and then you have negative equity.
  • September 21 2013
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Profile picture for Andrew Malak
0. You have what we call negative equity. But to make you feel better so do 75% of Americans.
  • September 21 2013
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Profile picture for user0970413
And if I owe more than what it is worth???
  • September 21 2013
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Profile picture for chadvogt
Equity is the difference between what your home is worth and what you owe on it. If it is worth $94,000, and you owe $84,000, your equity would be $10,000.
  • September 21 2013
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