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How Ontarians Can Pay off Debts Fast With Home Equity

Posted onAugust 31/2022By

Life is expensive. Many homeowners look to their mortgage to reduce monthly costs and breathe easier regarding spending limits. Sometimes this means a second mortgage in Toronto. If you own a home in Toronto and have been paying for it diligently for several years, you’ve likely begun to develop some equity. This equity can be used in the form of a second loan. At Northwood Mortgage, we serve clients across Ontario in a variety of mortgage needs, including adding a second mortgage in Toronto. Here, we’ll talk about paying off debts using home equity, and how you can get started.…

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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…

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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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