Como Funciona El: Real Estate

An elderly woman named Mrs. Gable owned the house. She had bought it 20 years ago for . Over time, she paid off most of her mortgage. The difference between what the house was worth today ($250,000) and what she still owed the bank ($50,000) was her equity ($200,000). Equity is the owner’s true wealth in the property.

In a sunny town called Fairview, there was a small, slightly worn-out house on Maple Street. It wasn’t fancy, but it had good bones, a solid roof, and a nice yard. como funciona el real estate

Enter Leo, a young graphic designer. Leo had saved $27,500 for a down payment (10% of $275,000). He couldn’t pay the rest in cash, so he went to a bank. An elderly woman named Mrs

The bank agreed to lend him $247,500, but only after checking his credit, job history, and income. This loan is a . Leo would pay it back slowly over 30 years, plus interest (the bank’s fee for lending the money). Over time, she paid off most of her mortgage