Mar 16, 2023
Want to know how you can use your home equity?
You're able to access up to 80% of the current value of the home through mortgage financing. This can be combined with a mortgage and secured/home line of credit (HELOC).
$1,000,000 Property Value x 80% = $800,000 Total Mortgage/HELOC Allowed
$500,000 current mortgage balance leaves you with $300,000 available equity to access = $800,000 Total
An important piece to know if you must be able to qualify to borrow those funds based on your credit, income, and debts.
You can use your equity funds for such things as:
Paying off debts
Buying another property (i.e. rental or cottage)
Buying a vehicle
Investments (i.e. RRSP, Stock market, TFSA, etc.)
Danny Bell, AMP
Mortgage Broker | Lic.#M13001996
Direct: 289-200-9061 | Office: 905-426-4200
The Mortgage Centre
Durhammortgage.com Ltd. | Reg.#10231