How to access the equity in your home:This week we explore how to access the equity that exists in your home with Mortgage Specialist Mychal Ferrera. It's something that exists for many people who own property and learning how to unlock and use this to your advantage could be the difference in creating serious wealth. For example, did you know that you can access up to 80% of the equity in your home and reuse that equity to invest in another property? Let’s say you have a $1 million dollar home with a 500k mortgage, you would have access up to $300,000 of equity that can be used for future investment. We also explore an alternative financing options that very few know about called Homeowner Redline. This product allows you to borrow up to 80% of your home’s value which you can split between a mortgage and a line of credit. So, as you pay off the mortgage portion, the principal you repay increases the limit available on the line of credit portion that you can use for a home renovation! Lastly, we also explore how a conventional HELOC works (Home Equity Line of Credit) in comparison to these other options.Mychal FerreiraBMO Mortgage [email protected]/mychalmortgages _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 [email protected] Ryan Dash PREC 778.898.0089 [email protected] www.thevancouverlife.com

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related