I need someone to explain to me what equity is?

It appears that you have been given great answers so far. Hope your question was answered. Equity is what you actually have already paid during the life of the loan. The more equity the closer you are to paying of the loan and ultimately owning the Property.

Equity is the portion of the value of the home you actually own. If your home is worth $100,000 and you owe $60,000 to the bank, then your equity is the $40,000 difference. Borrowing against your equity, simply means borrowing some of that $40,000. . ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Home equity is the difference between the value of your home and the outstanding balance of all mortgages/liens. For example, if you house is worth $250,000 and your mortgage balance is $150,000, you have $100,000 in equity. With sufficient equity, you can get a home equity loan/line of credit, or do a cash out refinance, which would leave you with less equity but give you cash needed for other purposes.

Home equity is the difference between what your home is appraised for and the total amount of all existing mortgages. Borrowing against your home equity would be increasing your mortgage debt in comparison to your homes value.

Equity is essentially the difference between what you owe on the home and it's current value. If your home is worth say $200,000 and you owe $130,000 you have $70,000 in equity in the home. When the value increases your equity increases and vice versa. If you're intending to tap into your homes equity most loan scenarios(not all) will cap the LTV at 85% meaning most of the time you cannot access all of the equity by refinancing. In the same scenario above your max new loan amount would be $170,000 giving you $40,000 in equity. This is known as a Cash-Out loan. If you're selling the home you can of course sell it for its market value and obtain whatever equity you may have. Hope this helps.

It's simply the difference between the appraised value of the home and what you owe on it.

Equity is the difference between the value of your home and how much you still owe on your home loan. For example, if your home is worth $300,000 and you still owe $150,000 on the home loan, you have $150,000 in equity in your home. You can take out some of the equity in your home in the form of cash, which would increase your loan balance and how much you own on the home based on how much you decide to take out. We are a mortgage brokerage licensed throughout the entire state of California. Feel free to contact our office if you would like to chat with a loan officer in more detail.

Your equity is the difference between the value of your home and the outstanding loan balance on your current mortgage.

Home equity is the difference between the appraised value of your home and the outstanding balance of all mortgages/liens. In order to borrower against the equity you must have sufficient equity that the lender feels the loan is secure in the event of default.You are using the equity in your home as leverage or security to get a loan.

Equity simply put is the difference between what your home is current;y worth, and what you currently owe. So if your home is worth $100,000 and you owe $50,000 - you have $50,000 of equity, or a 50% loan-to-value. www.MetzlerMortgage.com

Equity is your interest in the property. If you owe $40,000.00, and the property is valued at $100,000.00, your interest in the property is $60,000.00, so your equity is $60,000.00

Being too technical is probably why Senuti is too confused already. Keep it simple guys. Equity is the difference between the appraised value and the outstanding mortgage/loan balance.