Renovations

Looking at improving your property? Let us show you how using your equity can make this happen.

If you own a property, you may be able to use the equity in your property to finance home renovations. Here are some options we can explore with you:

• Home equity loan: This is a loan that is secured by the equity in your home. You can typically borrow up to 80% of your home's appraised value, minus any outstanding mortgage balance. The interest rates for home equity loans are usually lower than other types of loans because they are secured by the equity in your property.

• Cash-out refinance: This involves refinancing your existing mortgage and taking out a new mortgage for a higher amount than what you owe. The difference between the two amounts is given to you as cash, which you can use to pay for renovations.

Of course, there are a lot of factors to take into consideration before deciding which option is best for you. And, you should also think about your long-term financial goals and how borrowing against your home equity fits into your overall financial plan. At PFAUS we’re here to help you make an informed decision. So give us a call today and we’ll help you understand all of the options that might be available to you.