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Access Equity!

Some say my home is my savings program. The regular repayment plan you have arranged with your lender helps build your equity. Remember this equity is yours and when required it can be your best friend.

Why Refinance to access Equity:

Unplanned Life Events including: loss of job, children’s education, divorce, disability and death of a spouse can result in the highest levels of stress and your equity can help.

Planned Life Events including: retirement, vacations, weddings, purchase of a vacation home, income property, boat, RV and much more can create a need for for additional monies. With mortgage rates lower than ever it often makes sense to refinance with your home versus other seller financing options.

How It Works:

  • Determine how much your property is valued at. It is a good idea to speak with one or more realtors requesting a "Letter of Opinion" so you can determine an approx value of the property.
  • Determine your current mortgage balance.
  • The difference between your mortgage balance and the property value is called your “Equity”.
  • In most cases you can pledge your “Equity” as security for another loan, Line of Credit or Mortgage unless you have a "Collateral Mortgage". In most cases if you have a “Collateral Mortgage” you have already pledged your equity to your Lender even thou you might not have received any monies from them. (When securing a mortgage be sure you understand the difference between a "Standard Charge" and a "Collateral Charge")
  • You can access equity by: securing a new mortgage for an amount greater than your current mortgage, or increase your current mortgage, or by a “Line of Credit” secured by your home, or arrange a second or third mortgage.
  • Should you choose one of the above options your lender will likely require a new credit application along with an appraisal.

Be sure to call us at 613-341-7365.