What Is Equity?

 

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eq•ui•ty  Function: noun  1 a : a right, claim, or interest existing or valid in equity.  b : the money value of a property or of an interest in a property in excess of claims or liens against it c : a risk interest or ownership right in property

EQUITY: the part of your property that you actually own.  If you own property that’s worth $250,000, and you have a mortgage with a remaining loan balance of $100,000, your equity in the property is $150,000.
Repeat home buyers usually rely to some extent on the equity in their current home to help buy their next home. The more equity you have, the larger the possible down payment for the trade-up home. Home equity also equals security, especially at the beginning of a mortgage loan, so little of your payment goes to principal that equity builds slowly.

Naturally, building home equity comes at a price, usually in the form of larger payments. If building home equity means incurring debt to make ends meet, then you’ve defeated the purpose of building equity in the first place.

One way is to make additional principal payments. Additional principal payments make sense when you save more on your mortgage interest expense on an after-tax basis than you would earn on your investments on an after-tax basis.

Before you start making additional principal payments, use one of the many amortization calculators you can ?nd on the internet to do the math and see how much will go towards interest vs. principal payments and how much it would shorten your loan and increase your home equity.

The other way to build home equity faster is to re?nance. Recently, the reason most people have re?nanced is to lock in a lower interest rate and/or lower their monthly payment. But you can also re?nance to shorten the term of your mortgage, which builds equity.

Most sellers use part of their equity to pay selling costs, such as brokerage commissions and transfer taxes. Also, if you are delinquent on your property taxes, or have other liens secured against the property, such as an IRS tax lien, these would have to be paid at closing.

For More Information, contact:

Michel Ann Maroney
Broker-Owner & ABR®
Maroney Real Estate 
Phone:  615-653-1137
Office:  931-389-4673

Annandale – Brentwood, TN

Annandale is just one of Brentwood’s many prestigious communities.
This link will take you to a video that will provide a small glimpse of this beautiful community.

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Per Realtracs, the following stats pulled up when I did a search for current listings and closed listings back to 1/1/2014:

Square Footage:  3,794 – 11,053
Year Built:  2006 – 2014
Lots Sizes Ranged from .47 to 2.02 acres
Sales Price:  $835,000 – $3,500,000

Curious about additional stats for Brentwood, TN?
Please review the most recent home report for Brentwood here.

In reviewing some of these listings, the following amenities were noted on various homes:  Sunset views, balconies, pool, basements, media rooms, outdoor grill/kitchens, custom built homes.

This ungated community is zoned for Brentwood High School.

Please contact me for more information on living in and around Brentwood, TN.

~Michel

McFarlin Pointe, Nolensville, TN

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McFarlin Pointe – Nolensville, TN
The community began in 2000 and has recently added new homes again.  It is beautifully situated off Lake Road in the rolling hills of Middle Tennessee between LaVergne and Nolensville.  Residents can enjoy the panoramic views of Middle TN in a community filled with prestigious brick homes, many with stone accents and neighborhood features including a pool and club house. This link will take you on a short video tour of the lovely community, so you can see some of what I recently saw while driving through. (Video Taken 3/2016 -just imagine how beautiful it will look when everything is green and blossomed!)

Things you may not know about McFarlin Pointe:  The community has a Nolensville address, but benefits from Rutherford County taxes and is currently zone for one of the newer Rutherford County High Schools, Stewarts Creek High School..

In the last six months, dating back to 9/1/2015, Realtracs tells us the following stats about McFarlin Pointe:

  • 8 homes closed since that time
  • 7 are currently listed
  • 2 of those 7 are awaiting closing and 1 is under contract subject to approval of financing
  • The average number of days on the market from list to close is 74 days

Of the four still available:
·         One is new construction
·         The lowest list price is $294,900
·         The highest list price is $499,237

A few states based on sales since 1/1/2014:
·         Maximum Sales Price:  $483,615
·         Lowest Sales Price:  $177,900
·         Maximum Square Footage:  5,502
·         Lowest Square Footage:  1,750


Rutherford County Schools
:

  • Elementary School
    Rock Springs Elementary School
    9 out of 10 GreatSchools Rating
  • Junior High SchoolRock Springs Middle School
  • High SchoolStewarts Creek High School

 Directions to McFarlin Pointe:

  • Nashville I-24 to Waldron Rd, Right on Waldron, Right on Lake Rd, Left into McFarlin Pointe.

 OR

  • From Nolensville Road, turn onto Kidd Road, turn right on to McFarlin Road, then turn right onto McConnell Drive or the main entrance, Ben Hill Blvd.


Search for Middle TN Homes Here.

If you are considering buying or selling, please think of me.  I would truly be honored to assist.  You may read my bio on the company website so you know a bit about me.  What you won’t find on the bio is the heart I put into each client and the true desire to make each sale or purchase a happy, smooth transition.  Several clients have been kind enough to write reviews, some of which can be read via this link.

 

 “I won’t sell you a house, I’ll help you find a home!”  ~Michel

 Home Search:  www.MaroneyRealEstate.com

Find me on FB:  www.facebook.com/MaroneyRealEstate