Home Equity Line of Credit
You have equity in your home because you have either paid off the mortgage or you are in the process of paying it off. Did you know we can help you apply for a home equity line of credit ?
Home equity is when the difference between the amount you owe on the home and the assessed value.
If you need to access money for renovations on your home, pay for education, a long deserved vacation, or even a down payment against second home, an home equity line of credit allows you to borrow against your home’s value.
When you own a home for a few years, not only are you paying down the mortgage with your monthly payments, but your property may have appreciated in value over those years. This means that your home is worth more than what you paid for it and more than what you owe, giving you additional equity in the home.
By applying for a home equity line of credit you are securing the loan against your property and generally you will get a better interest rate than an unsecured loan.
I’m always happy to schedule an in-person meeting or phone call if you have any questions or concerns regarding your Surrey mortgage.