As your home appreciates in value over time, you may be able to access the equity that you have built. Equity is the difference between the market value of your home and what’s remaining on your mortgage.
You can use that equity to help achieve other important goals in your life, such as:
Financing a big purchase
Making home improvements
Sending your children (or yourself) to college or university
Buying a vacation home
Starting or bolstering your investments
Why Leverage the equity in your home?
Often, a borrower’s largest portion of net worth is in their home. If they have owned it for a number of years and the property has appreciated in value, they have often accumulated a great deal of equity. If the home owner requires funds for any purpose, an equity take out a mortgage will usually make better financial sense than other means of borrowing as loans secured by property are usually offered at better interest rates than those secured by other means or unsecured entirely.
How to get Started?
At The 6ix best Mortgage Broker in Toronto we have a number of equity take out options available. If you have substantial equity in your property and are considering borrowing against it, we will assist you in selecting the appropriate solution that meets your needs.