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The difference between your home’s fair market value and what you still owe on your mortgage.

Merriam-Webster Online Dictionary
equity (noun)
1.
a) justice according to natural law or right , specifically freedom from bias or favoritism
b) something that is - equitable
2.
a) a system of law originating in the English chancery and comprising a settled and formal body of legal and procedural rules and doctrines that supplement, aid, or override common and statute law and are designed to protect rights and enforce duties fixed by substantive law
b) trial or remedial justice under or by the rules and doctrines of equity
c) a body of legal doctrines and rules developed to enlarge, supplement, or override a narrow rigid system of law
3.
a) a right, claim, or interest existing or valid in equity
b) the money value of a property or of an interest in a property in excess of claims or liens against it
c) a risk interest or ownership right in property
d) the common stock of a corporation
Merriam-Webster Online Thesaurus
equity (noun)
1.
lack of favoritism toward one side or another
SYNONYMS:
disinterest, disinterestedness, equity, evenhandedness, fair-mindedness, fairness, impartiality, justice, neutralism, neutrality, nonpartisanship, objectiveness, objectivity
RELATED WORDS:
apathy, indifference, unconcern; broad-mindedness, open-mindedness, tolerance; fence-sitting, straddling
NEAR ANTONYMS:
chauvinism, nepotism; subjectiveness, subjectivity; bent, inclination, leaning, penchant, predilection, predisposition, proclivity, propensity, tendency; preconception, prejudgment
bias, favor, favoritism, nonobjectivity, one-sidedness, partiality, partisanship, prejudice
equity (noun)
2.
the practice of giving to others what is their due
SYNONYMS:
equity, fair shake, right
RELATED WORDS:
equitability, equitableness, evenhandedness, fair-mindedness, fairness, impartiality; goodness, righteousness, virtue; honor, integrity, uprightness
NEAR ANTONYMS:
bias, one-sidedness, partiality, prejudice; unfairness, unjustness, wrongfulness; corruption, impropiety; crime, offense ( offence), wrongdoing; disservice, harm
inequity, injustice, raw deal, wrong
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