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Whats equity?

whats equity? do i need good credit for it? 
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November 03 2012 - Bridgeport
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I would say that equity is the current value of your home minus liablilites (mortgage, taxes, liens, etc). You can achieve equity over time hopefully and sometimes by renovation. For example, if you buy a home that is outdated and you redo the kitchen and baths, etc.--the house will be most likely more valuable---then you have earned equity (sweat equity if you did it yourself). You need good credit to get a mortgage to buy and house or refinance. Hope that helps.Mary Ann Laurita, Prudential CT Realty
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November 27 2012
Equity is the difference between what you owe on you home and what it is worth. So if your home is worth 100,000 dollars and you owe 80,000 dollars you have 20,000 dollars in equity.
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November 03 2012
 
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November 27 2012 | 2 answers
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