5 Ways To Access Equity From Your Home
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1.Home Equity Loans
Home Equity Loans
Opting for a second mortgage or home equity loan involves borrowing a lump sum against the equity in your home. This option is separate from your primary mortgage and typically has a fixed interest rate. It’s a straightforward approach if you need a specific amount for a particular purpose.
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Home Equity Line of Credit
2. Home Equity Line of Credit
A HELOC allows homeowners to access funds as needed, up to a predetermined credit limit. It operates like a revolving line of credit, offering flexibility in borrowing and repaying. Interest is only paid on the amount used, making it a dynamic option for those with varying financial needs.
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3. Mortgage Add On
Mortgage Add On
If you qualify – based on good credit and income levels – you can add a new mortgage seamlessly. It’s not a second mortgage; it merges with your original mortgage under the same lender. This allows you to access more equity at either a fixed or variable rate without disrupting your initial mortgage. Whether this aligns with your financial strategy is a decision we can guide you through, working directly with homeowners and their existing lenders to evaluate the best course of action.
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4. Blend & Extend
Blend & Extend
This option, available from select banks, involves creating a new mortgage with a new interest rate. The existing mortgage is combined with the new one, resulting in a blended rate. This approach can be beneficial if current market rates are lower than the existing mortgage rate, potentially reducing overall interest costs.
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5. Breaking Your Mortgage
Breaking Your Mortgage
If you qualify – based on good credit and income levels – you can add a new mortgage seamlessly. It’s not a second mortgage; it merges with your original mortgage under the same lender. This allows you to access more equity at either a fixed or variable rate without disrupting your initial mortgage. Whether this aligns with your financial strategy is a decision we can guide you through, working directly with homeowners and their existing lenders to evaluate the best course of action.
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