Refinance to Release Equity From Your Home

Take Advantage of Your Home Equity

Are you, like many other Canadians, considering using the equity you’ve built in your home to re-invest in your dreams or consolidate debt? Your Mortgage Centre specialist can help guide you through the options of leveraging the equity that you’ve created in your home.

A Refinance Release of Equity May Be Advantageous If You’ve Wanted to:

• Buy a vacation home or investment property.
• Invest in your child’s education.
• Renovate.
• Consolidate outstanding debt.
• Take advantage of lower interest rates to save you money.

But first you’ll need to calculate how much equity you have in your home. Meaning, the price for which your home could be sold on the market today, less any debts registered against the property, such as mortgages and secured home equity lines of credit (HELOC).

Here is a basic calculation to help you determine your amount of equity:

Available Equity = ( Current Market Value ) – ( Mortgage Balances )

How much of my equity can I use?

New mortgage rules from the Finance Minister of Canada Jim Flaherty qualifies Ontario homeowners to refinance up to 80% of the value of your home.

Here are some questions to ask yourself when determining how much of your Ontario home equity you should leverage:

• What is the estimated amount needed to accomplish my goals?
• Do I have sufficient savings to cover any unforeseen future expenditures?
• How much can I comfortably afford to pay monthly for my mortgage payment?
• What is my current interest rate?
• How far into my current term am I?
• What are the costs involved to refinance?

We are your Ontario Mortgage Centre specialists and will review all the options available to you regardless of whether you are looking to release equity in Windsor, need a home equity line of credit (HELOC) in London, a lender switch in Toronto, or looking to consolidate debt in Ottawa. Taking into account your financial goals, future and current lifestyle needs, and personal preferences, we are here to help you determine the right strategy for you. Call or email today to get started.