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How can you make the equity built in your home work for you?
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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
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What is home equity?
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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.
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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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