Hometown St.Thomas April 2025

Using Home Equity to Finance Home Improvements by Kim Langford, Mortgage Agent Lic #M23005308 It’s that time of year when many homeowners are thinking about home renovations and landscaping ideas to create an enjoyable space to spend a majority of their personal time. Sometimes the renovations can be quite costly- upgrading the kitchen, creating outdoor living spaces, updating a washroom, or finishing a basement. If you would like to undertake home renovations without depleting your personal savings, accessing the equity in your home may be the best option. To make these ideas come to life, factors like your credit score, income, home value and budget for renovations all influence the type of home improvement loan to consider, and there are several home financing solutions available to you to access your equity. Options range from a homeowner’s secured line of credit, to a second mortgage loan, reverse mortgages, and the option to refinance your mortgage to handle these costs. If you’re looking to renovate to add value to your property or need the extra space, remortgaging could be a way to pay for it. Depending on the renovation to be done, one or many contractors may be necessary. When looking for financing to make sure you have quotes completed, to ensure you have the necessary funds in place. If you choose to refinance your property to access the equity in your home, here is an example of how this would work. Many lenders will allow you to access up to 80% of the value of your home. If your home is valued at $500,000, you could potentially refinance to borrow up to $400,000. Once your current lender is paid the mortgage owed, the difference

between this mortgage amount and $400,000 would be the amount you could borrow for your renovations. Please note, cancelling your current mortgage could result in fees that are implemented from your lender such as penalties and discharge fees. However, mortgage rates are typically lower than personal credit cards or personal lines of credit, which can result in significant savings over time. Other benefits of using the equity in your home could be potential tax benefits and increased value in your home. When considering a refinance, it is important to keep in mind possible increased monthly payments, possible extended mortgage terms (eg. 30 years amortization), and potential changes in the housing market values. Before considering a refinance, be sure to balance the potential of resale value and the enjoyment from your personal space. There are many good reasons you may choose to refinance. They range from wanting to increase the resale value of your home to simply wanting to do it because it enhances your enjoyment of your personal space. Whatever your reason, make sure you discuss your decision with your mortgage agent, financial institution, home insurance professional, financial advisor, and even a realtor.

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43808 Talbot Line, St. Thomas 519-631-9066 DATE TIME

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DEALER INFORMATION DESIGNER SP

JOB DESCRIPTION Co-op Print Advertising – Energy Saving

INTENTION

info@jumbobuildingproducts.com www.jumbobuildingproducts.com DEALER INFORMATION March 1st, 2022 8:55

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Star Windows & Doors

CO-OP

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Hometown St. Thomas • April 2025 • Page 21

PRODUCTION NOTES This ad scales at 88.67% to fit a 4 column broadsheet size (4 column x 71 agates = 284 lines = 4.5625” x 5.06”)

REVISIONS

land – One - Quarter-V x 5.71”)

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