Dashboard Forums Bonus 2: Your equity Equity on an ARM mortgage

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  • Ann Silvia
    Participant
    Post count: 6

    Hi, I am refinancing and want to check my equity but have an ARM mortgage and your tool does not support ARMs right now. Can you tell me another resource to use?

    nhamilton
    Keymaster
    Post count: 24

    Hi Ann, you can find out your current equity by a very simple formula. Find out what your home is worth or estimate it by looking at properties similar that have sold recently. Then, subtract what you owe on your mortgage and any loans like HELOCs you have on the home. Equity is simply the portion of the home value you have, that you don’t owe to anyone else. Here’s an article on figuring out how much your home is worth: https://www.homeownering.com/blog/2017/09/01/find-housing-appreciation-data-area/

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