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Using Home Equity to Pay off Debts

Posted onNovember 10/2021By

For homeowners wanting to benefit from all the equity they’ve built up in their homes, using it to pay off debt can seem like a perfect solution. Still, it’s important to know what is involved in using your home equity to pay off debt. What is home equity? Home equity refers to the difference between what you owe on your mortgage and the value of your home. For example, if your home is worth $450,000 and you have $200,000 left to pay on your mortgage, then you have $250,000 in home equity. Whenever you pay down your mortgage, the equity…

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Top 9 Renovations to Increase Your Home Equity

Posted onOctober 25/2021By

Even with a global pandemic, Canadians are continuing to improve their living spaces with renovations and remodels. A recent study found that about half of all homeowners have already done or are planning renovations to their homes. If you’re in the reno mood, here are some changes you can make to your home to boost your equity and your property’s resale value. 1. Replace your garage door Improve your curb appeal by enhancing the exterior of your home and swapping out your garage door. Go for a more robust, durable, and modern look. 2. Stone veneer Manufactured stone veneer is…

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Thinking About The Equity In Your Home? Here’s What You Need To Know

Posted onOctober 11/2017By

Home equity and equity mortgages can be complex concepts for homeowners. However, knowledge about home equity can really help you make the most of your home. First of all, what is home equity? Equity is an asset and comes from the homeowner’s interest in the property. To find out what your current home equity is, take the property’s market value and subtract from it your outstanding loan balance. The number you have is your equity: the amount of the home that you own outright. This number can change as you pay off more of your mortgage or as the value of your home increases. Home equity is a very valuable asset. In fact, it’s many people’s most valuable asset. You can use your home equity in a number of ways, one of the most common ones being an equity mortgage. Equity mortgages are most often used by applicants who have…

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Going Back to School? Here’s How Home Equity Can Help

Posted onSeptember 19/2017By

University or college education doesn’t come cheap, but it’s an invaluable investment in your future. You may be deciding to go back to school so you can follow a new career path, further your existing skills and knowledge, or simply to enrich your life. It’s an incredibly worthwhile venture, but the question often arises of how to finance further education. Many homeowners end up using a home equity loan to finance their education or their children’s education. A home equity loan allows you to access the equity you have in your home and receive a cash loan that can be put towards education. As you make your mortgage payments over the years, the equity you have in your home grows. Your home equity will be the current market value of your home minus any remaining mortgage payments. Your equity will not only increase as you pay off your mortgage, but…

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What Is Home Equity?

Posted onJune 12/2017By

You may hear the term home equity, or equity mortgage, especially when discussing the assets or net worth of a homeowner. But what does home equity really mean? Home equity is, in short, the value of a homeowner’s interest in a home. This means that your home equity is the part of the home that you, the homeowner, truly own. If you have a mortgage, then your lender also has equity in your home, even though technically, you own the home. Until your loan is completely paid off, you will not have full home equity. Your home equity will increase over time as you pay off your mortgage, or as the property value increases. Some homeowners, however, use their equity as collateral in a loan, or equity mortgage, which we will discuss more further on. You can calculate your home equity by subtracting the amount owed on any mortgages from…

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