Many people find that one of the easiest and most affordable ways to access money is through the equity that they have accumulated in their home. This is a very popular option, especially when you have an excellent first mortgage in place.
Using home equity to your advantage
Canadians purchase homes for a variety of reasons. Some want the stability of owning their own home, while others also look at home ownership as an investment vehicle. No matter what the reason, the truth is that home ownership has proven itself to be a good stable investment over time, and one which many Canadians are profiting from.
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 for home improvements, investments, college expenses, and even high interest debt consolidation. 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 often used to one’s advantage.
While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks. The best thing you can do is to consult a licensed mortgage professional and financial planner to discuss opportunities to make your home’s equity work for you
I went with a bank for my first mortgage which was so stressful, using Dustin for my second made it so much easier! I would never use a bank again.
– Meriah-Jo Breckenridge, 2022
He helped us secure great rates with my home and my rental property and answered any of our questions we had. Very knowledgeable and I would recommend him to all my friends and family.
– Arnold Yu, 2021
Dustin helped me renew my mortgage with a new lender. The information he gave was honest and upfront. He was great to deal with and would highly recommend him to anyone who wants a smooth transition to obtain a mortgage through him.
– Brad Shapka, 2022
Dustin was really great to work with! We weren’t due to renew our mortgage until next year but Dustin was able to get us a great rate that ended up saving us money. He was prompt to get answers to some of the questions we had and was always checking in to make sure the process was going smoothly. We would highly recommend Dustin to anyone needing a new mortgage or looking to renew!
– Melissa Gray, 2021
We worked with Dustin on the purchase of our first home and he was very helpful during the whole process. He was extremely knowledgeable and was very thorough in answering the many questions/concerns we had. Dustin was professional, yet very easy to talk to and approachable. Dustin went the extra mile to help us when some things went array after closing, which wasn’t anything preventable by Dustin or ourselves. This was very appreciated, and Dustin was able to help us navigate through it. We would definitely recommend Dustin to anyone purchasing a house and we look forward to working with him in the future!
– Breanne Sharpe, 2021