BRIAN BIRK | 4-MINUTE READ
In general, home equity increases as you make mortgage payments, which reduce your outstanding loan balance. Additionally, if the value of your property appreciates over time, this can also contribute to an increase in home equity.
According to the National Association of Realtors, the average home appreciation rate in the United States is around 3-5% per year. However, it’s important to note that this can vary widely based on location and other factors.
It’s also worth mentioning that while home equity can increase over time, it can also decrease if property values decline or if you take out a home equity loan or line of credit, which puts a lien on your home.
44 million people continue to rent across the United States and continue to miss out on opportunities for equity. Owning a home might not be right for some but many people don’t realize how many financing options are available.
State and private grants for down payments are available throughout the United States. Private lenders offer grants with fair mortgage rates, even better the grants are forgivable and do not have to be repaid. Options like the FHA 203k program are available for those looking to buy and receive extra funds to fix up a property. These are just a few examples of home buyer programs provided to individuals and families across the United States. Check out more no money down home buyer options in 2023 that can easily be obtained even with fair credit.