Myths Shattered, facts revealed. Unveiling the truth.
20 May 2024 · 0 min
0:24
In this brief informational segment, the speaker addresses a common misconception about home equity. The myth presented is that home equity is equivalent to a property's market value. The speaker clarifies that home equity is actually the market value of the home minus any outstanding mortgage debt. Market value represents the price the home would fetch in the current market, whereas home equity reflects the portion of the property that the owner truly owns outright after accounting for the loan balance.
