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  • Home
    • About Ryan
    • Tesimonials & Reviews
    • Privacy Policy
    • Booking
  • Mortgage Types
    • Purchase Mortgages
      • First Time Home Buyers
      • Repeat Buyers
      • Second Homes / Vacation Property
      • Investment / Rental Properties
      • New Construction
      • Multi-Unit Properties
    • Refinancing
      • Home Improvements - Renovate
      • Debt Consolidation
      • Equity Take Out
      • Home Equity Lines of Credit
    • Renewal
      • Shop Around!
      • Mortgage Transfer
      • Renegotiate
      • Renew Early
    • Other Mortgages
      • Self-Employed / Stated Income
  • Tools
    • Mortgage Calculators
    • Rent vs. Buy Calculator
    • Mortgage Glossary
    • Home Buyer's FAQs
  • Blog
  • Apply Now

Make Use Of The Equity In Your Home!

Are you thinking about how you might use the equity you've built in your home? Some suggestions might be to re-invest in your long-term goals & dreams, renovate, or maybe to consolidate debt?

Ryan is here to help guide you through the various options to leverage the equity that you've created in your home.

Here are some advantageous ways you might use some of that home equity:
  • Buy a vacation home or investment property.
  • Invest in your child's education.
  • Renovate your existing home.
  • Consolidate outstanding consumer 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 fair market value for which your home could be sold today, less any debts against the property, such as mortgages and secured credit lines.

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

Current market value - All mortgage/HELOC debt = Available Equity

HOW MUCH OF MY EQUITY CAN I USE?

You may qualify to refinance up to 80% of the current value of your home.

Here are some questions to ask yourself when determining how much equity you should leverage:
  • How much do I really need to accomplish my goals?
  • 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?
  • Do I need to consider potential early mortgage payout penalties?
  • What are the costs involved to refinance?

I'd be happy to review all the options available to you and help you consider the questions. Once we get the answers it's easy to help you determine the right strategy for you. Call me today to get started.

Ryan W. Smith - Mortgage Broker
House & Home Mortgage Co. 
546 St. Paul St. #250
Kamloops, BC, V2C 5T1

House & Home Mortgage Co. Is a division of Verico Compass Mortgage Group. All Verico franchises are independently owned and operated. 
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