June 09, 2017
Are you ready to purchase an investment home but don’t have a cash deposit ready? The good news is that you can use the equity in your home to purchase another property and not need to contribute any cash. The best part is that you will not need to sell your current home to access that money.
Unlocking your equity in a current property is easier then you may think. To determine your equity, subtract what you still owe from the value of your property for example if your house is worth $300,000 and your mortgage is still $100,00 you currently have $200,000 of equity in your home! You will be able to unlock 80% or 90% of your equity depending on what lender you are with. Remember, you may have more equity than you think as property values often increase overtime without the owners even realising.
Here at Mortgage Choice in Springwood we can look into your current situation and determine exactly how much equity you have and provide you with the best options to purchase an investment property!
For more information on unlocking equity see the video link below