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Equity (for Mortgages)

The difference between a property’s lending value (i.e., the purchase price or market value) and the value of all mortgages (including credit lines) secured against that property.

For example, given a house appraised at $250,000, a $150,000 mortgage and a $50,000 secured line of credit, the homeowner’s equity would be $50,000, or 20%.