Equity is the difference between how much your Bennington, Vermont real estate is worth and how much you owe on that property. So if your property is currently appraised at $200,000, and you still owe $60,000, the property’s equity is $140,000.
A home equity loan is a line of credit based on that amount, using the equity as collateral (or tangible property to guarantee a loan).
Are you considering using a home equity loan to buy a second home? Contact Troy Richardson to help you find the right home and offer lists of local lenders or mortgage companies.