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home equity?asked by J D - 9 Answers
im looking to buy a home. and my brother told me that the home im looking to buy has equity and at closing i can cash out the homes equity. Im confused because i thought i built the equity in the home buy pay my mortage every month. please tell me if he is right or not . it would be nice if he is. i could use the money for my business . thank you for your time
Best Answer by HeyDonny
Your correct, your brother is wrong. Hard to explain based on your question,but, if you put say 10% down towards the homes purchase, your applying 10% to the Principal or Equity. You then have 10% equity in the home. I don't know where your brother figures that you cash out the equity at closing / purchasing the home. ... See all 9 answers
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