Understanding Home Equity
If you’ve become a homeowner with help from your credit union, then you’ve probably heard the term “home equity.” The equity of your home is closely related to its value. You can calculate your home equity by subtracting the total balance on your mortgage from the appraised value of your home.
When you watch this informative video, you’ll learn that the value of your home and your home equity can increase or decrease depending on factors other than your total mortgage balance. For example, if your neighbor sells a house that is similar to yours for a cost greater than the value of your home, then the value of your own house can increase.
At GCS Credit Union in O’Fallon, you’ll find highly competitive home mortgage loans and home equity lines of credit . Call a member representative at (618) 797-7993 or visit one of our branches today to find out which financial product is right for you.