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How are Canadians Using Their Home Equity?

When you buy a house and take out a mortgage, you make regular payments on that loan until it is totally paid off. A portion of each payment goes toward interest, and the rest goes toward the principal amount borrowed. As the principal on the loan gets paid down and the value of your home increases, your home equity grows. In other words, your equity is what you own outright, or the difference between the value of your home and the amount you still owe on your mortgage.

There are several ways to access your equity and put those funds to work for you elsewhere. The most common options are a Home Equity Line of Credit (HELOC), a second mortgage, a reverse mortgage, and refinancing your home.

A HELOC is a revolving loan that requires regular repayments once the money has been accessed.

A second mortgage allows you to borrow up to 80 per cent of your home’s value – however, it will be at a higher interest rate.

Complete article:  https://blog.remax.ca/how-are-canadians-using-their-home-equity/

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