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Thank you! I was not realising that the home initially IS the security. Also yes the $450K was a typo, was meant to be $350K.

So I'm trying to wrap my head around this whole equity thing, here's what I know; 1) Equity is the value of the house that you currently own, I get that. 2) You can get loans from the bank using your equity as security. My knowledge gap; 1) When I am a first home buyer, I have no equity, no...