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Equity, or the Lack Thereof, in Michigan Lender Liability Jurisprudence Crown  Form

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all right Equity um Equity is the amount of ownership you have in the house the bank owns part of the house when you have a loan on it and you own the other part if you put 20 down at the closing when you purchase a home you have 20 equity in the house based on uh the day that you close if the property value goes up over time your Equity is going to increase the more you pay down the the mortgage loan the more your Equity is going to increase if you do a refinance you add uh if you add expenses back onto what you owe your Equity is going to decrease Equity is the value of the property that you own at that current time you and the bank of Partners until you pay off the bank and then you have 100 equity in the house is all yours just something to keep in the back your mind as you're going through uh your repayments for the next 30 or so years

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