5 Interesting Thing To Do With Your Equity

Have you ever thought of making a big purchase or investment, only to dismiss the thought because you don’t have the cash on hand?

You are not alone, we’ve all been there. There are so many things we’ve all dreamed about having or doing, only to file those dreams away until our lucky number hits and we can finally afford it.

What if I told you there just might be a way to make those dreams come true for your family now? If you have equity in your home, then why not borrow against it and make that big purchase or investment? Mortgage rates have never been lower. Equity is typically easy to access*. There’s no time like the present. So why not explore the option?

Here are 5 of the most interesting things you can do with your equity:

  1. Buy that luxury car you’ve always wanted and give your current vehicle to your teen drivers
  2. Renovate your home to accommodate your growing family instead of leaving the neighbourhood you love
  3. Pay for tuition for private school or post secondary school and give your kids a future with more options and less student loan debt
  4. Go on a vacation with your family and create amazing memories
  5. Help your kids buy a home with a gifted down payment so they can stop renting and paying someone else’s mortgage

Using the equity in your home is possible. Answer these 3 questions to see if it’s possible for you:

Question 1 – Have you ever wished you could make one of the above purchases or investments?

Question 2 – Is your current mortgage less than 80% of the current value of your home?

Question 3 – Is there room in your budget to accommodate a slightly higher mortgage payment?

If you answered yes to all three questions, then chances are you can refinance your current mortgage to make one or more of these dreams a reality!

*The amount of equity you can take out of your home does depend on a few things, such as the amount and type of mortgage you currently have and the current appraised value of your home. Collateral mortgages, which many big banks offer now, limit your options too, and if you are in a mortgage that restricts your ability to refinance things could get a bit tricky.

Contact me today and I’ll help you figure out exactly what your options are now, and even what options you can work towards in the future!