Walking into Equity

[Matt Friedmann]

Hello BP fam, we’re about to close on our first single family home where the Appraisal price came in over $100k higher than the purchase price. Our realtors tell us that we’re walking into equity. I know this is great news, but what does it mean for my wife and I specifically...

That the house is worth over $100k more than we're paying for it and that if we were to take out a HELOC that we could borrow against an extra $100k in equity?

Thanks in advance