Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save
TODAY



Updating Your Home to Grow Your Home Equity

Posted onMarch 21/2022By

Home “equity” is the portion of your property’s value that you own. As you pay down your mortgage, you build equity in your home. The more of your mortgage you pay off, the more your equity grows. Once you have paid off your mortgage in full, the value of your home is equal to its equity, thus giving you potentially hundreds of thousands of dollars in new purchasing power and borrowing capacity. At Northwood Mortgage, we want to help you maximize the value of your home. This article will show you how updating your home can grow your home equity…

Read More
0 Comment

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…

Read More
0 Comment

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…

Read More
0 Comment

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…

Read More
0 Comment

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…

Read More
0 Comment

ReCENT POSTS
CaTEGORIES
ARCHIVES
Subscribe to RSS Feeds



Top