ASK A MORTGAGE
EXPERT : HOW TO USE THE EQUITY IN YOUR
HOME WISELY
basement check up
Your basement can provide valuable extra living space within your home and finishing your basement is a decision many are embracing this year . Unfortunately , a wet or damp basement can lead to a number of issues that can affect your health and cause costly damage to the materials you use in your basement ! The clearest indication that you may have issues in your basement are the presence of cracks in the wall or floor . Another indicator can be the presence of musty odors in your basement . If these issues exist , it is important to work with an experienced team to repair and waterproof your basement before renovations begin to ensure the money you invest in finishing this space is not wasted ! - Act Fast Water Proofing , www . actfastwaterproofing . ca automation home
BEFORE
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Technology has always been intended to improve and simplify our lives . Today , nearly every aspect of your home can be controlled by an app . Your lighting , heat , security systems , window shades , TVs , audio systems , and more can be easily monitored and controlled from an app on your phone . The problem is that many people find that setting up and operating multiple smart home technologies and apps becomes a hassle . This is where the Crestron Home system comes into play ! Creston systems can be used for your home or office and allow you to bring all of your smart home features together into one easy to use app with no programming required ! This allows you to create a unique experience specific to your own needs , without the hassle of setting up and maintaining multiple apps at once ! - Home N ’ Tech , www . homentech . com
TRACEY BROCK MORTGAGE BROKER
At this time of the year , many homeowners reach out to me looking for ways to use the equity in their homes . They are considering renovations , have credit card debt , or simply want to invest in a new home or send their child to University . Everything is on the table .
Mortgage Brokers have the tools and expertise to assist you with your goals , wants , and needs . We have a mortgage for that , and utilizing the equity in your home wisely , is a great place to start !
Equity is the difference between the amount of the mortgage you have on your home , and the appraised market value . With home prices in major suburban areas and now even in more rural areas , increasing year after year between 10 – 13 %, most Canadian homeowners have available equity .
There are many options to consider when refinancing the mortgage on your home . As Mortgage Brokers , we look at the big picture . We listen to you and review your financial position , tailoring our recommendations based on the information you provide . It may mean refinancing your first mortgage , adding a Home Equity Line of Credit , or obtaining a second mortgage . All are possibilities when using your available equity .
For renovating , a Home Equity Line of Credit ( HELOC ) is a flexible mortgage solution . It allows you to access the money when you are ready to begin . Interest is paid only on the funds used and as a fully open mortgage you are able to pay it to a zero balance at any time with no penalty . Most importantly , it is a revolving account , allowing you access to the funds again and again , for the next project on your to do list .
A HELOC is also great for taking out money to invest or consolidate debt . However , when circumstances lead you to need a different solution , a second mortgage or refinancing your first mortgage should be considered .
With debt consolidation specifically , many borrowers do not realize that the interest calculated on a credit card compounds on a daily basis . This means each unpaid balance on any one credit card is being charged interest on interest every single day ! Know your mortgage , know your options . – Tracey Brock , Dominion Lending Centres Mortgage Plus , www . traceybrock . ca , 10304 Independently O / O
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