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With increasing value of real estate in last few years almost
every homeowner has equity in his home. You can use this equity for:
-Debts consolidation
-Renovation
-Down payment for vacation property or second home
-New vehicle purchase
-Vacation
-Investments (Smith Manoeuvre)
There are few
ways to take equity out:
1. Refinance- increase your
existing mortgage. Up to 85%.
2. Second mortgage. Up to 75%-80%.
3. Equity Line of Credit, up to 80%, rates from Prime+0.5%
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