Why Your Home's Value Isn't Just a Number for When You Sell

You Might Be Paying More Each Month Than Necessary

If you put less than 20% down when you bought your home, you're probably paying for private mortgage insurance, or PMI. It gets added to your monthly mortgage payment, often without a lot of fanfare, and it can add up to hundreds of dollars a month.

Here's what a lot of homeowners don't know, once you have 20% equity in your home, you can request to have PMI removed. Your lender won't send you a congratulations letter when you get there. You have to ask. And if home values in your area have gone up since you bought, you may already have enough equity to cancel it without even making extra payments.

A quick check of your current home value could put real money back in your pocket every month.

Your Equity Has Probably Grown. Here's What That Opens Up.

As your home's value goes up and your mortgage balance goes down, the gap between the two grows. That gap is your equity, and for a lot of homeowners it has grown significantly over the past few years.

You don't have to sell your home to put that equity to use. It can fund a renovation, help a family member, cover an unexpected expense, or even build a second living space on your property. Knowing your current home value is the first step to understanding what you actually have available.

Your Property Tax Bill Might Not Be Accurate

Your county assesses your home's value to calculate your property taxes, and that number doesn't always match reality in either direction.

If your home is assessed for less than it's actually worth, the county could reassess and your tax bill could go up. Knowing where your home actually stands can help you prepare for the additional cost ahead of time.

On the other side, if your assessed value is higher than your home's actual market value, you could be overpaying on taxes every single year. Most counties allow homeowners to appeal their assessment, but you need to know your home's real value to make that case. It's worth checking, especially in markets where values have shifted significantly.

You Might Be Underinsured Without Knowing It

Your homeowners insurance should cover what it would actually cost to rebuild your home if something serious happened. The problem is that construction costs have risen significantly in recent years, and a lot of policies haven't been updated to reflect that.

If your home has gone up in value and your coverage hasn't changed, there could be a gap between what your policy pays out and what a rebuild would actually cost. That's a conversation worth having with your insurance agent.

If you don't already have a good insurance contact, we can help with that too. Movement Insurance offers home and auto insurance and can connect you with someone who can review your current coverage and make sure you're protected. If you have an existing Movement loan officer, reach out and we'll make an introduction.

It Gives You a Clearer Picture of Where You Stand

Your home is likely your largest asset. But if you haven't updated your estimate of what it's worth in a few years, your sense of your own financial health might be off. People are often surprised by how much their net worth has grown once they factor in what their home is actually worth today.

That information matters, especially when you’re planning for the future or thinking about retirement

So What Is Your Home Actually Worth?

Fill out the form below for an estimated value and we can look at how to make sure you're making the most of what you've built.