Accessing home equity
Refinance your mortgage to access your home equity. The equity you have built in your home can be a powerful tool to help you reach financial goals.
By refinancing your home, you can borrow up to 80% of its current value. The extra money can be used to pay off your high-interest debt, renovate your home to increase its value, purchase an investment property, or save for a rainy day.
Home equity line of credit
If you have good equity in your home, you may want to consider a home equity line of credit (HELOC) product. A HELOC product is a secured form of revolving credit. You can borrow money, pay it back, and borrow it again, up to a maximum limit of 65% of your home's current value as a line of credit. It allows you to borrow with flexibility and convenience. The HELOC product and mortgage cannot exceed 80% of your home's current value.
With the significant appreciation in housing prices over the past decade, many Canadians are taking advantage of low interest rates. Although debt consolidation is not a suitable option for everyone, you may want to carefully consider whether refinancing your home to pay off credit card debt, loans or a line of credit would make sense in your circumstances. You may be surprised by the amount of money you can save.
- a single monthly payment rather than multiple payments
- lower interest rates
- money left over to invest
My team will work with you on creating a financial plan that will help you reach your goals.