Real Estate Terms:What is "Equity"?

Equity is the financial interest or cash value of your home, minus the current loan balance(s). If selling the

home, this would also be minus any costs incurred in selling the home.

If you're buying a home and don't have very much money for the down payment, you may want to find out if

the seller would be interested in "sweat equity". This would allow you to perform the labor on any needed

repairs and maintenance to the home, such as outside repairs, painting or electrical work, in exchange for

credit towards closing costs.

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