Release Of Equity

Take advantage of your home equity.

Are you, like many other Canadians, considering using the equity you’ve built in your home to re-invest in your dreams or consolidate debt?

Your Mortgage Centre specialist can help guide you through the options of leveraging the equity that you’ve created in your home.

MORTGAGE REFINANCE OPTIONS*

A mortgage refinance allows you to borrow additional money on your mortgage, so you can afford the things you’ve always wanted. It can help save you money and help you consolidate your debt into one convenient payment.

*Details will vary between lenders.

A mortgage refinance may be right for you if you want:

  • To consolidate your debt at a lower rate of interest than most major credit cards and loans
  • Help with the kids’ education costs, your dream vacation, perfect vehicle, a home renovation and more
  • Emergency funds to handle unexpected expenses
  • To purchase investments or maximize your RRSP contributions
  • A residential property, including rental properties of up to four units.

Let a Mortgage Centre specialist guide you through the options of leveraging the equity in your most valuable asset. We can explore how taking advantage of flexible mortgage features and interest rates can allow you to withdraw equity while keeping your payments affordable.

With years of experience in the mortgage industry, we’ll help you understand the role your home plays in your overall financial picture and provide you with sound financing options to match your current and future goals.

Here are some advantageous ways to maximize the use of your equity:

  • Buy a vacation home or investment property.
  • Invest in your child’s education.
  • Renovate.
  • Consolidate outstanding debt.
  • Take advantage of lower interest rates to save you money.

But first you’ll need to calculate how much equity you have in your home. Meaning, the price for which your home could be sold on the market today, less any debts registered against the property, such as 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

HOW MUCH OF MY EQUITY CAN I USE?

You may qualify to refinance up to 85% 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?

Your local Mortgage Centre specialist 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.

 

Free Mortagage Calculators