Discover the hidden wealth in your home
When you think of your wealth, what assets do you add up? Most people think about their savings, their 401k, and their other investments. Those are all accounts that you can easily see how much money you have in there at any given time. But if you are a homeowner, there’s another more secret source of wealth. And, it’s usually unknown to homeowners, even though it makes up over half of their overall wealth (US Census report, 2017)!
This secret source of homeowner wealth is called home equity, which is a fancy term for how much money in your home is yours, that you don’t owe to the bank. This wealth is unknown to homeowners because as you pay your mortgage and as your home value rises and falls, this value changes. Because it changes over time, it’s hard for homeowners to calculate. Until now.
Find out your hidden wealth with our free, instant report.
Why is it important to know about this hidden wealth?
By knowing how much money you have in your home, you are better able to protect it. There are many ways that you can accidentally erode the amount of money in your home if you aren’t careful. If you keep your eye on it and understand how it works, you’ll be able to make the most of this potentially enormous source of hidden wealth.
You might have savings, you might have a retirement fund, you might have investments – these all add up as part of our net worth. But, many times we don’t think about our home equity as part of our total finances. Home equity is often the largest part of a homeowner’s net worth, and adding it to your financial picture helps you to understand it and protect it.
What are some ways that you can put your hidden wealth at risk if you aren’t aware of it?
In a refinance
Sometimes, refinancing causes you lose home equity. By refinancing, you start all over with a new mortgage, and you go back to the beginning of mortgage amortization where you pay more interest and build equity more slowly. Even if you have a lower overall interest rate you can end up building equity more slowly and paying more interest, depending where you are in your original mortgage when you refinance.
If you aren’t aware of how much wealth you have in your home in the first place, how can you compare the effects of a refinance on future wealth?
During a sale of your home
Maybe you’ll sell your house this year, maybe you’ll live in it forever. If you do sell your home, the wealth you have in your home is what you’ll get back in the form of a check when you sell, minus real estate & state and local fees. Knowing how much you have in your home – or, your “home equity” – helps you plan for the future. The amount of money you have in your home is important in knowing how big a check you’ll get from a sale.
Also, if you are keenly aware of your home equity, you can make better decisions during a sale of your home related to trade offs with costs such as real estate broker fees, and other charges. As home equity is the amount of money you get back from a sale of a home, minus the fees, being aware of this figure helps prevent the check you will receive from getting smaller. Be proactive!
When considering financial decisions
There are many new financial products on the market that may look good from the marketing materials, but actually can erode your home equity. If you don’t know how much wealth is in your home, you can’t protect yourself from offers that erode your home equity and you won’t be able to understand the impact on your bottom line.
What’s the most exciting part of finding out your hidden wealth?
You may find out you are a lot more wealthy that you thought you were! Also, you can learn how to both protect and leverage this new found wealth in ways that place you firmly in the driver’s seat of your financial journey.
How can you easily discover your hidden wealth?
The problem is, for most homeowners, it’s hard to calculate the hidden wealth in your home, your home equity, which is the value of your home minus what you owe on it, because the number changes every time you pay your mortgage and when your home goes up or down in value.
Luckily, we made it easy to discover it. Just click here and we’ll send you a free report (If you have any issues, please email us at firstname.lastname@example.org).
You’ll also find out how much you will get from a home sale, excluding state and local fees.
Otherwise, you won’t know how big a check you’ll get, which is the most important part of a sale!
Be informed. Learn now about your hidden wealth so that you can make the most of being a homeowner and avoid getting taken advantage of. You’ll be where you should be: in the driver’s seat.