The Value of Building Home Equity
There are numerous advantages to owning a home. One of the serious advantages is the equity that is built over time. As equity builds, you create a pool of money to access in trying times.
Home Equity
Equity is simply the value of a property after all debts have been deducted. If your home appraises at $500,000 with a home loan of $250,000, you have $250,000 in equity. Whether you realize it or not, this equity can get you through hard times or provide you with a funding resource. Let?s look at some examples.
Emergency
If you get through life without any family or financial emergencies, you are one lucky person. Unfortunately, most people aren?t so lucky. Home equity can provide a financial cushion when life gets hard. You can use it to pay medical bills, legal fees and any other expenses that arise from your particular problem. You will be extremely thankful you purchased a home if you ever run into this situation.
Education
If you?ve ever watched ?The Simpsons,? you may have seen the episode where Bart and Homer go camping. Bart tells Homer a scary story, but you only see the end of it and Homer screaming in terror. The words Bart whispers are, ??and that?s how much it will cost to send Maggie [baby] to college.? It is a very funny scene until you, a parent, actually investigate the cost of college tuition. Trust me, nightmares will soon follow.
Home equity can put an end to college tuition nightmares. You can borrow against the equity to pay college expenses. As with an emergency situation, home ownership will give you the ability to pay the bills.
Making the decision to buy a home can be stressful and frightening. As time passes, you will be incredibly happy you made the leap.
About Shirley Clark Shirley Clark is affliated with Century 21 Executive Group, which is located in Portage, IN. For further assistance please use the contact information located on the right.
As of 05/23/12 the Shirley Clark RePage is ranked at 6,451 with 365 points.
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Local Information for Portage, IN
Latitude: 41.58185 -- Longitude: -87.186553
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ZIP Codes for Portage, Indiana
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46368 
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Area Code for Portage, Indiana
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219
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Time zone for Portage, Indiana
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CST
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Other Area Cities:
Chesterton, IN
Hobart, IN
Lake Station, IN
Valparaiso, IN
Portage, IN
Michigan City, IN
Hammond, IN
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Portage is a city in Porter County, Indiana, United States. The population was 36,789 at the 2005 census. It is the largest city in Porter County, Indiana, and third largest in Northwest Indiana behind Hammond and Gary.
As of the census of 2000, there were 33,496 people, 12,746 households, and 9,011 families residing in the city. The population density was 508.0/km² (1,315.8/mi²). There were 13,375 housing units at an average density of 202.8/km² (525.4/mi²). The racial makeup of the city was 92.52% White, 1.45% African American, 0.27% Native American, 0.64% Asian, 0.06% Pacific Islander, 3.20% from other races, and 1.86% from two or more races. Hispanic or Latino of any race were 9.94% of the population.
There were 12,746 households out of which 34.7% had children under the age of 18 living with them, 53.7% were married couples living together, 12.2% had a female householder with no husband present, and 29.3% were non-families. -- Source: Wikipedia.com
Indiana 2000 Census Population Profile Map
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Portage |
Indiana |
United States |
|---|
| Population |
33,496 |
6,080,485 |
281,421,906 |
|---|
| Median age |
35.4 |
35.2 |
35.3 |
|---|
| Median age for Male |
34.2 |
33.9 |
34 |
|---|
| Median age for Female |
36.6 |
36.5 |
36.5 |
|---|
| Households |
12,746 |
2,336,306 |
105,480,101 |
|---|
| Household population |
33,090 |
5,902,331 |
273,643,273 |
|---|
| Average household size |
2.6 |
2.53 |
2.59 |
|---|
| Families |
9,017 |
1,602,501 |
71,787,347 |
|---|
| Average family size |
3.09 |
3.05 |
3.14 |
|---|
| Housing units |
13,375 |
2,532,319 |
115,904,641 |
|---|
| Occupied units |
12,746 |
2,336,306 |
105,480,101 |
|---|
| Vacant units |
629 |
196,013 |
10,424,540 |
|---|
Visit US Census
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Shirley Clark
Century 21 Executive Group
3235 Willowcreek
Portage, IN 46368
VOICE: 219-763-8979
FAX: 219-762-6194
TOLL FREE: 800-925-7582
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