You are likely to hear this comment when people talk about using their home to obtain some ready money. “Just mortgage the equity in your home”. Most commonly this is to take advantage of lower rates of interest you can benefit from by using your home as collateral. This option gives you the ability to mortgage your equity and use that money for any number of reasons such as: consolidating debt (like credit cards); stock investments; RRSP or RESP contributions; a down payment to purchase an investment property; purchase a car, to name a few.

To find your equity take the difference between the value of your property and the amount outstanding on your current mortgage, if any. While there are some banking rules that dictate maximum ratios your Global Mortgage professional can assess your needs, work out your equity values and ratios, outline your options and give you sound mortgage advice.