One of the benefits of owning your own home is the chance to build wealth over time, by gaining equity in your home. Put simply, equity is the difference between what your home is worth, and how much you owe on your mortgage. 

What can you do with the equity in your home? 

* "Buy up" for your next home  

*  Pay off your home for your retirement years (no monthly payments!)

* Use that equity to finance home improvements, debt consolidation, college costs, etc.

How do you build equity?

There are two ways that you build equity: By paying your mortgage, and by your home's appreciation in value. Paying your mortgage - especially by doing extra payments occasionally - will increase your equity. Maintaining your home with maintenance and improvements will help it appreciate in value. 

So enjoy the GROWTH of your home's equity!!!! 

Here's an update on average home equity growth across the nation.....