How Do I Access My Equity?
For many people, buying a house is one of the largest financial responsibilities they will take on in their lives.
The gravity in this purchase is often felt most in the home loans and resulting mortgage payments they are required to pay over several years.
However, a house is an investment - an asset that is highly weighted in the valuation of a person’s estate.
So rather than avoiding vacations or renovating your bathroom in fear of not making mortgage payments, learn how to make your assets work for you.
Mortgage refinancing can be utilised to access equity you have built up in your property - the equity in your home is the distinction between the property value and what you owe on your mortgage.
Home equity loans are designed to give you access to the equity in your existing home loan via a line of credit loan.
The amount you can borrow is directly related to your acquired equity as well as other criteria and as a guideline you are limited to borrowing a maximum of 90 per cent of the value of the property.
Whether you wish to fund an investment venture, install a pool or simply take a break, home equity loans may help you achieve these goals.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.