Leveraging Your Equity
Even with the recent slow down in the market, property values are still significantly higher than they were last year. Many homeowners have no idea how much equity they have in their home and similarly, are not sure what opportunities that equity provides. I often hear people say how they could never afford to buy a new home because they are too expensive now. However, most people I speak to do not fully understand their borrowing potential when leveraging their equity.
For example, I had a client who purchased their semi-detached home many years ago for $170,000. We recently sold their home for $340,000, which meant they had some $200,000 in equity to play with. Instead of rolling that entire amount into a new mortgage,…
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