How much equity is hiding in your Madison area home?

You may have a lot more equity than you think.

If you bought your home in the Madison area just seven years ago, its value has increased by roughly 60 percent. That means a home you purchased for $400,000 in 2019 has gained approximately $240,000 in value — and that's before factoring in the equity you've built through seven years of mortgage payments.

(listing photo courtesy of Step Inside Media)

So what can you do with your equity? 

You could take out a home equity line of credit (HELOC) as a rainy day fund for unexpected expenses, or to finance a future home improvement project. You could also use your HELOC as a down payment for your next home. If you've been dreaming about more space, a different neighborhood, or that forever home, your current equity might be the key that unlocks it.

With home prices at all-time highs, right now is the perfect time to do your homework and find out how much equity you have in your home. Reach out for your own complimentary equity review. It would be our pleasure to assist you with this exercise, and connect you with a good, local lender.