Find Your Home Value
Home Appraisal Tips & Advice
Home Renters Beware: The Foreclosure Crisis Affects You as WellAugust 11, 2008
Home foreclosures have created an overlooked victim: what happens when the home you rent goes into foreclosure? The vicious circle of declining home values and rising foreclosures.
July 11, 2008
Home values drop when foreclosures rise creating a vicious circle. Is there help in sight or a way to take advantage of a declining market? Home Selling Success: What You Need to Know
July 11, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? Estimate Home Values with Online Calculators
By Karen LawsonHome Worth Columnist
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The relationship between home value and home equity is useful in determining how much you can borrow when refinancing or taking out a home equity loan.
Basically, the dollar amount of your home equity is the difference between your home's present value and how much you owe in mortgage loans. In today's volatile real estate markets, maintaining a cushion of home equity may help you avoid problems that can develop if your home value falls below the amount you owe on mortgages.
Using a Home Value Calculator
Free home value calculator tools are widely available online. You can get an idea of home value based on market trends in your area and other information that you enter into the calculator. It's important to remember that calculator tools are designed to very roughly estimate home value. The results from a home mortgage calculator may differ from the value determined through an appraisal of your home. Mortgage lenders typically require a formal appraisal, which involves a licensed appraiser's thorough inspection of the interior and exterior of your home. Appraisers also research local market trends and make comparisons between your home and similar homes in your area to determine your home's value.Home Equity and Regional Market Trends
Refinancing and home equity loans can provide cash at relatively low interest rates, but it's important to consider not only the purpose for using home equity, but also any potential implications associated with changing real estate markets. Of course, no one can completely predict future home value trends, but many areas are presently experiencing a "cooling off" of formerly hot" housing markets. A home value calculator can help provide a general idea of how much your home is worth.About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.