Home Equity

Home equity is the amount of money you have already paid against the value of your property. To determine the equity in your home, you subtract remaining mortgage balance from the current appraised market value of your home. To simplify, your equity increases as your mortgage balance decreases. If your property has been appraised for $300,000.00 and you owe $175,000.00 on your mortgage, your equity is $125,000.00. Your home equity has been building from day one of purchase.  You can reap the rewards of your hard work and commitment by taking advantage of that equity to save money and increase your financial flexibility. 

A home equity loan is normally available to most homeowners that have owned their home, condo, industrial building or business property.  Home equity loan allows a homeowner to borrow money by undertaking the home as collateral. A home equity loan is valuable for home upgrades, renovations, remodeling, vacation, debt consolidation, university education, financial emergency, medical bills, purchase a new vehicle, recreational property or investment opportunities.  The possibilities are countless and you will have the freedom of choice. 

When applying for a home equity loan, the most important element is to make sure you're current and up to date on all your mortgage payments. The fewer late or delinquent mortgage payments on record, the better, because it means you are reliable and you'll be able to attain even greater amounts of your home equity.

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