Learn About Refinancing

While many people have chosen to purchase their first home during these times of lower interest rates, there has also been a large movement to refinance home loans and pull out equity.

Canadians have been borrowing against their home’s equity in record numbers, taking out billions of dollars in cash each year.

In years past, many saw their homes as a shelter of safety, yet today, they are more than ever before willing to borrow against the equity owned in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions. Where home equity was once sat upon, today it is something to be tapped out and used to one’s advantage.

SOME THINGS TO CAN USE YOUR HOME EQUITY FOR:

a)  Payout high interest rate debt.

b)  Renovate your home.

c)  Take that holiday.

d)  Purchase a Vacation Property.

e)  Purchase a Rental Property.

f)  Purchase an Investment Product.

g)  Pay for University / School.

While tapping the equity in your home can be a good idea, you should do so with caution and understand any of the possible consequences. The best thing you can do is consult a licensed mortgage professional and financial planner to discuss opportunities to make your home’s equity work for you.