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- Know the available equity you can borrow with our home equity loan calculator.
- Get access to the best home equity loan calculator in Canada with Equity Avenue Mortgages.
- Simple & easy-to-use home equity loan calculator.
- Get a fast home equity loan quote. (No obligation)
Home Equity Loan Calculator: Everything You Need To Know
Home Equity Loan Calculator
Do you want to calculate how much you can borrow with a simple home equity loan calculator? Do you want to start to learn how to use the equity that you have built over the years for financial benefits? Do you want to borrow a certain amount of money against the equity of your house? If you answered yes, we at Equity Avenue Mortgages will be able to help you!
In any type of loan or borrowing, if you start using your home equity as your collateral, it will be considered a home equity loan. To see how much you can borrow, you can use our simple home equity loan calculator or you can always contact one of our experts.
Home Equity: The Definition
In its simplest form, the definition of home equity is the balance between the actual value of your house and the amount you still owe on your mortgage. A good example of this is, let’s say you $100 000 and your house is worth $200 000, your total home equity will then be $100 000.
Your home equity is not something that is set in stone, it can move up or down and you can make sure that you get the most of it by paying down some of your mortgage or by increasing the total value of your house. If you are not sure, you can always use our home equity loan calculator.
4 Main Type Of Home Equity Loan?
There are 4 main types of home equity loans that can be used in Canada. They all use the house as collateral even if they are not the same. These four types of loans will be listed and explained to you here and can be used in our home equity loan calculator.
Second Mortgage
If you want to borrow money but do not want to refinance your mortgage, a second mortgage might be the perfect option for you. It is a great option for people who are looking to make huge purchases, to invest, to consolidate debts, or simply to finance some projects ( university tuition for your kids is a good example). To see what kind of equity you have, use our home equity loan calculator.
Reverse Mortgage
If you are a senior citizen, you might want to look into a reverse mortgage. Such a mortgage product will allow you to transform into tax-free cash up to 55% of your home equity. You can use the reverse mortgage for whatever project you have. To see what kind of equity you have, use our home equity loan calculator.
Home Equity Line of Credit
Home Equity Line of Credit (HELOC) allows you to get a loan for up to 65% of the value of your house. This loan uses your house as a guarantee of repayment. One of the main reasons why people prefer using this loan is that you can pay it off.
Refinancing Your Mortgage
This mortgage product is mostly used to reduce the interest rate you’re paying. It lets you use the loan to pay your mortgage and it has its own terms. To see what kind of equity you have, use our home equity loan calculator.
What’s Our Home Equity Loan Calculator?
To qualify for a home equity mortgage, you will have to know how much equity you have available. To see what kind of equity you have, use our home equity loan calculator or speak with one of our experts. Another thing that can help you to qualify for such a loan is if you have good credit or if you have a big income. If you do not have a big income or good credit, don’t worry we can still use the value of your home to obtain a loan for you.
Equity Avenue Mortgages offers forgiving mortgage solutions based on your financial situation. We know how stressful and overwhelming this whole process can be, especially if you are not sure of the amount you can borrow. Use our home equity loan calculator and see what you can use to borrow capital, use our home equity loan calculator, or talk with a member of our dedicated team.
What’s Our Home Equity Loan calculator?
Our home equity loan calculator is used to calculate the equity that you have built over the years on your home. Having this amazing tool allows you to calculate and visualize how much you could borrow when applying for a loan or a second mortgage.
Once you have used our home equity loan calculator, a member of our team will contact you to help you with any further questions you might have. Using the tool does not sign you up for anything or force you to work with us, it is simply here to help!
Our Home Equity Loan Calculator: How Does It Work?
If you want to use our home equity loan calculator, you will need to know the balance you still owe on your current mortgage and the estimated value of your current home. If you are not sure of the value of your home, we have a vast array of strategic partners that can help you with that. If you are not sure of the current balance of your mortgage, you can look at your most recent statement.
Once you have all the information you need, you can start using our home equity loan calculator and it will provide you with an estimate of the amount you can borrow. Once you have a better idea of the amount you can borrow, reach out to our team to get approved for your loan.