Release of Equity – Reaping the Benefits of Home Equity
A mortgage refinance makes it possible for you to borrow extra money on your loan, so you can easily pay for the things that you had always desired. A refinanced mortgage allows you to save money and also facilitates debt consolidation.
We, at ATP Mortgage, have a team of experts that apprise you of all the choices you have to leverage the equity in your most-prized asset. Our team helps you make the most from the flexible mortgage products as well as interest rates so you can withdraw the desired capital while keeping the installments easy-to-pay.
Having several years of experience in the mortgage sector, we can help you get a clear understanding of the role played by your home in the all-around monetary picture and present you with reliable mortgage options to fulfill your current and long-term goals.
How to Maximize the Use of Equity?
Following are some of the ways through which it is possible to maximize the use of equity:
- Consolidating the outstanding debt
- Paying for the education of your child
- Investing in an investment property or a vacation property
- Making home improvements
- Reaping the benefits of reduced rates of interest to save money
However, to start with, you’ll have to compute the amount of equity you have got in your home. In other words, the cost for which your house can be sold in the current marketplace, minus the debts recorded against the home, like mortgage loans and secured credit lines.
Here is a fundamental computation to assist you in determining your amount of equity:
Existing market value – all loans recorded against it = Equity Available
What Amount of Equity Can Be Used?
A person can qualify to refinance up to 80% of the valuation on your house. Listed below are a few questions to ponder upon when deciding the amount of equity, you should leverage:
- What is the projected sum of money required to fulfill your goals?
- Have you got adequate financial savings to take care of any unexpected future expenses?
- How much can you conveniently manage to pay every month for loan payment?
- What is your existing rate of interest?
- How far along are you into your current repayment term?
- What are the costs incurred to refinance?
How Can ATP Mortgage Help You?
We are your mortgage specialists in Canada and will evaluate all your available choices irrespective of whether you are planning to release equity, require a home equity line-of-credit, a loan provider switch, or perhaps aiming to consolidate the debt. Taking into consideration your financial objectives, future, and present lifestyle expectations, and individual tastes, we are going to help you devise an appropriate plan to suit your needs. Our team guarantees to get you the best interest rate for your mortgage refinance loan. Our brokerage firm works on your behalf to research the mortgage market, thereby saving you time, hassle and money.
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