If you’ve owned your home for a few years, chances are you’ve been building up some nice equity. And with mortgage rates hovering around historic lows, this is a great time to look at rolling high-interest personal debt or the funds for that home renovation you have been dreaming of, into your mortgage. In fact, you might find enough interest savings in your new mortgage to help knock down the overall cost.
At Pilot we have helped many of our clients access their home equity through a refinance. Due to a combination of your home appreciating in value and your regular payments of principal towards your mortgage, you may have home equity that you could be put to better use. Lenders allow homeowners to refinance their homes up to 80% of their market value. This can be achieved through breaking the terms of your existing mortgage to not only add additional funds but potentially improve your rate of interest.