It's really unlikely that you have gained that much value in 2 years.
No, you cannot use that equity to reduce your loan payments.
You can try to refinance and get a lower interest rate to lower your payments.
Not exactly. The equity is basically on paper. You could sell the house for 290k and put the difference in your pocket. Then you could use that money to buy a different house.
the only way your house payment can get lower is to refinance at a lower interest rate, equity isn't money in the bank, it just means your house is worth more than you paid/owe on it
No. You are taking a loan against the equity so everything you borrow must be paid back. Equity is not realized until sold.
So you have a current appraisal of 290K, right? If you want the equity, I really doubt you gained that much then sell and buy another property and bank the difference.
The equity is already in the house. You could refinance if you like, but that costs money. You are still borrowing the same amount, refinancing isn't reducing what you are borrowing. It MAY reduce your payment by eliminating PMI...but may increase it if the property taxes go up due to the new value.
Highly unlikely you close to tripled in value in 2 years.
well my house is worth a lot more what can I do with at a equity???
"Put the equity back to the house"? What do you mean?
I bought my home for 113000 thousand dollars like 2 years ago now it's worth close to 290000 can I put the equity back to the house sell my payment will go lower?????
