Why Buying/Owning A Home Still Makes Financial Sense
Owning a home just makes sense for most Canadians. A place to live and possibly raise a family that builds equity over time is sound financial planning. As home values continue to increase and mortgage principal gets paid down, you will see your equity grow. That equity that has been built is an ideal resource to help create greater financial security. Using existing equity to renovate your home for example, is an excellent way to add value and in many cases, a better alternative than moving. According to the Canada Mortgage and Housing Corporation (CMHC), spending on renovations has exceeded spending on new construction since 2011 and the trend looks to be increasing.
There are many ways to access the equity in your home, sensibly. For example, a secured line of credit is a great product that has the most flexibility. You only pay interest on the amount you use when you use it. Refinancing your mortgage is another option that allows you to take advantage of low interest rates while accessing your equity.
I'm here to help people get their first home and get them on the path to building equity that will become the foundation of a long term financial plan. In addition, I can help look at the many available options that can release the equity that has been built over time for renovations, paying off higher interest debts or making other investments. So feel free to consult me anytime.
Download MOPOLO, my personal app so you have my information at hand and I'll keep you updated. It's available in the App Store.
Mortgage Alliance Meridian Pacific Mortgages