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Mortgage Education

Understanding Home Equity Loans

 

understanding home equity loansHome equity is the difference between what your house can sell for and what is left on your mortgage. Understanding home equity loans can be confusing for some. For instance, if you can sell your house for $500,000 and you have $300,000 left as a balance on your mortgage, you now have $200,000 of equity in your home. Equity can be used as a means of borrowing money against your home (leveraging) without having to sell it. Read More…