How do you find out how much equity you have in your home? Also, what if your property value has gone up both through renovations and an increase in values in general in the area, how do you get the mortgage co to recognize this? My tax assesed value has doubled, I know that it is not necessarily a true value of a home, but does it mean anything to a mortgage co, or would a professional appraisal have to be done?
Is the principle I've paid off so far automatically count as equity?