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Are you like many other Canadians, considering using the equity you have built in your home to re-invest in your dreams or consolidate debt? Let the expert advice of an HLC mortgage professional guide you through the options of using the equity in your home.
See for yourself how taking advantage of flexible mortgage features and interest rates available to you, can allow you to withdraw equity while keeping your payments affordable using the Line Of Credit Calculator.
Talk to us about how best to take advantage of the value of your home, whether this is the right time for you to refinance and what costs may be involved.
As professionals in the mortgage industry, with years of experience behind us, our mandate is to provide you with sound financial options and build a unique mortgage strategy to match your current and future goals/needs with the products available.
Here is some additional information to help us help you:
What is home equity and how much do I have?
Home equity is defined as the unencumbered value of the home. Meaning, the price for which your home could be sold on the market today, less any debts registered against the property (e.g. mortgages and secured credit lines).
Here is a basic calculation to help you determine your amount of equity:
Current market value - all debts registered against it = Available Equity
What can I use my equity for?
Here are some advantageous ways to maximize the use of your equity:
- Buy a vacation home or investment property
- Pay for your child’s education
- Consolidate outstanding debt
- Take advantage of lower interest rates to save you money
How much of my equity can I use?
You may qualify to refinance up to 80% of the value of your home.
Here are some questions to ask yourself when determining how much equity you should leverage:
- What is the estimated amount needed to accomplish my goals?
- Do I have sufficient savings to cover any unforeseen future expenditures?
- How much can I comfortably afford to pay monthly for my mortgage payment?
- What is my current interest rate? How far into my current term am I?
- What are the costs involved to refinance?
Once you have calculated an estimate of your available equity, your HLC mortgage professional will review all the options available to you, taking into account your financial goals, future and current lifestyle needs and personal preferences to help you determine the right strategy for you. Call today to get started.