What is home equity? we owe about 50,000 on our home and we basically had an

we owe about 50,000 on our home and we basically had an appraisal done and we be told that it is worth over 100.000.
is the differance equity and can we get a loan on it? 50000 is your home equity

Equity = pro of the home - value of adjectives mortgages against that house.

As for a loan on said equity, that depends on your bank and conceivably your credit rating. Be very vigilant about beating that for ordinary consumption though.

You can, but you shouldn't. The banks want fees and interest, so they won't let somebody know you this, but home equity is a form of long term funds.

Home Equity equals:

Appraised efficacy of home

minus

mortgages on house

ex.
Value = $100,000
Mortgage Balance = $50,000
Home Equity = $50,000

yes you can get a loan on your equity, but you obligation to apply for the loan and must be approved. many bank will only lend up to a definite percentage of the equity in your home. check next to your lender.
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