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
Dustin was patient, helpful and professional. I felt very informed and taken care of throughout the process. There was a glitch along the way, not of his doing, and he reacted promptly and gave me good advice as to what to do next.
– Reid Wilkins, 2023
Dustin was great to work with. He is super knowledgeable and professional! He made me feel at ease with my first home purchase. Thank you for all the work you did, Dustin!
– Sarah Kopichanski, 2023
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
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