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How can you make the equity built in your home work for you?
Did you know that you can borrow up to 80% of the value of your home for use on other purchases, expenses or investments? Common uses for home equity are:
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Renovations or home upgrades
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Purchasing a second property
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Paying a child's tuition
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Vehicle or Recreational purchases
What is home equity?
Home equity is the difference between the value of your home and how much you owe on your mortgage. For example, if your home is worth $500,000 and you owe $350,000 on your mortgage, you have $150,000 in home equity.
Home Equity goes up in two ways: As you pay down your mortgage and if the value of your home increases.
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