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What is Home Equity?
This is a powerful financial tool that many homeowners might not fully appreciate. It represents the portion of your home’s value that you actually own. Calculated by subtracting what you owe on your mortgage from your home’s current market value. Understanding it is essential for making informed decisions about your property. Whether you’re considering refinancing, accessing funds for home improvements, or planning for future financial goals.
Your home equity is the difference between your outstanding mortgage and the value of your home. For example, if your home is worth $655,000 and you have $235,000 left to pay on your mortgage, your home equity is $420,000.
Why Would you get a Home Equity Loan?
Unlock your equity to grow your real estate wealth to purchase an income-producing property. Perhaps you are looking for a cottage or recreational getaway. Or assisting your kids to get into the market. With your home equitys, you may be able to borrow against it. This means you could be eligible for a Home Equitys Loan. I have partnered with solid mortgage professionals so you can obtain the best advice for your unique circumstance to see if this is your next right move to invest in yourself.
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