The dollar value of the home in excess of the outstanding mortgage debt is called

Question

Quizplus · Accepted Answer

Homeowner's equity is the dollar value of the home in excess of the outstanding mortgage debt. It represents the amount of ownership the homeowner has in the property. Choices A, C, and D are not correct because asset value refers to the total value of all assets owned by an individual or company, amortization refers to the process of paying off a loan over time, and collateral refers to property that is pledged as security for a loan.

The Dollar Value of the Home in Excess of the Outstanding