Equity Take Out Mortgage Sherwood Park, Alberta

Sherwood Park Mortgage Brokers

Magnum is a private brokerage specializing in harder-to-place mortgages. What this means is we offer in-house mortgage financing as well as a range of products from other lenders allowing us to get a wider range of mortgage options. Our Mortgage Advisors are trained to provide excellent customer service and meet your needs whatever they may be.

Let’s start by defining what Home Equity is! 

Home Equity is the difference between the Value of your home and any outstanding Loans or Mortgages borrowed against your home. Here’s an example of home equity: If you own a home worth $350,000 and you owe $150,000 on your mortgage, you have $200,000 in Home Equity. 

home equity

There are typically 2 ways that you can increase your home equity: 1) by paying down your mortgage, or, 2) if your home value organically appreciates.

An Equity Take Out is when you access your home equity by borrowing money, which is secured against your home. An Equity Takeout can be done through the refinancing of your mortgage or by getting a second mortgage. Typically, homeowners can access up to 80% of their home value when completing an Equity Takeout mortgage. Borrowers can utilize their Equity Takeout funds for many different purposes such as Home renovations, for investments, to purchase a vehicle or asset, or even to use as a down payment for their next home purchase.

Here’s an example of when we were able to help on an Equity Takeout with a Magnum Mortgage Corp. Private Mortgage:

home equity

Our borrower had inherited an Estate home in a Rural Lake Community just outside of Edmonton, from a family member that had passed away. They needed to access their Home Equity to help consolidate debts that had accrued, while they were settling the Estate. Their Bank and other conventional Lenders could not help, as there were a few bruises on their credit, Magnum Mortgage Corp. however, was able to help this client access their home equity and helped them to consolidate their debts to provide them with peace of mind knowing that their debts were taken care of to allow them the adequate time to grieve, and to get their finances in order before they were able to sell the home.

Give us a call today to discuss an Equity Take Out or a refinance of your mortgage! We can be reached at 780-467-6393 or by email at lending@magnumcorp.ca

"Our Interest is Your Wealth" ™

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