Equity Take Out Mortgage in Edmonton, AB:
Equity take out mortgage, also known as equity take our refinance or cash-out refinance. Allows homeowners to access the equity in their home to buy another property, invest, renovations, pay down debt, or however you with to use the funds!
Cash out refinance is done by taking a larger mortgage out on your home. The additional amount is taken out as cash. The money that was cashed out can be used however you choose.​
How much equity can be taken out?
Generally you can take out up to 80% of the property value.
For example: Property Value $500,000
Mortgage Owing: $300,000
80% of $500,000 = $400,000
Maximum Equity Allowed = $100,000​
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Some ways to take out home equity
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refinancing
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home equity line of credit (HELOC)
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second mortgages
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reverse mortgage ​
Common Uses for Equity Take Out Mortgage
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Home improvements / renovations
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Kitchen​
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Basement development
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Garage
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Consolidating or paying off high interest loans
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such as credit cards, line of credits, auto loans, etc
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​Investment
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stocks or real estate​
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Starting a new business
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and much more~​​