Home Equity / Renovations
Most people think of mortgages only when they’re preparing to buy a new home. But what many don’t know is that it’s also possible to use the equity you’ve built up in your existing mortgage to make improvements to the home you’re already in.
Extra money without the hassle of moving…sound too good to be true? It’s not. It’s called a home equity takeout, and if you’ve been paying down your mortgage for a year, two or more, you probably qualify for one.
What Can I Do with a Home Equity Takeout?
With a home equity takeout (also sometimes called a home equity mortgage), there isn’t a lot you can’t do. Renovations, such as landscaping the backyard, installing a pool, adding an addition or modernizing a kitchen are all common choices, but you’re not just limited to fixing up your home. You can also:
> Purchase a vacation home or cottage
> Use the money toward tuition fees, business start-ups, etc.
> Invest in real estate properties or the stock market
How Much Do I Get?
The amount of your home equity takeout depends on how much you’ve put into your home already, who your provider is and what type of takeout you’re looking at. A general rule of thumb is that you’re eligible to receive roughly 80 percent of the value of your home; minus the amount you still have owing. But again, that’s just an estimate – come in for an appointment and we can help you uncover the real number.
I’m In! Sign Me Up
Great! We’re excited that you’re interested in what a home equity takeout can do. But it’s also important to think it through carefully. While it sounds great on paper to sign up to receive a big chunk of cash, the home equity option isn’t necessarily the best choice for everyone.
At Mortgage Guys, we can help you ask the right questions to determine whether a home equity takeout is right for you. And if it turns out it is the right choice, we’re happy to help you unlock extra funds to do what you’ve always wanted to or to turn your existing home into the home of your dreams.