What is home equity, how can you use it?

There are lots of benefits to homeownership, especially right now in Calgary’s market with rental prices skyrocketing, why not pay less per month and pay your own mortgage instead of someone else’s? Plus, when you own a home, you’re building equity and the freedom to use that equity towards financing elsewhere. To explore this concept, let’s answer a couple questions: What is home equity? It is the market value of a homeowner’s unencumbered interest in their property, also known as real property value. With each mortgage payment you make, you’re building equity in your home. You can think of this equity as a source of…