Equity is one of the biggest financial benefits of homeownership. It’s the difference between your home’s current market value and what you owe on your mortgage. For example, if your home is worth $1 million and you owe $700,000, your equity is $300,000.
As home values in South Surrey and White Rock continue to rise, building equity becomes easier over time. But how can you use it? Many homeowners refinance their mortgage to access their equity for renovations, education, or investments. Others use a home equity line of credit (HELOC) for smaller projects or emergencies. Equity can also help you move up in the real estate market, using it as a larger down payment on your next property.
Understanding and leveraging equity effectively is key to long-term wealth building. Working with a Realtor and financial advisor ensures you make the most of this valuable asset.