Home equity refers to the difference between the fair market value of your home, minus the amount of liens or encumbered interests on your home. For most people a lien or encumbered interest means the balance remaining on your mortgage and/or secured debts- such as a secured line of credit.
If you are selling your home, and you have no liens or mortgages to pay out- your equity would be the amount you sold your home for. For example- if you owned your home free and clear and sold it for $400,000.00 you would have $400,000 in equity from your home. If there was a mortgage and other secured interest that were claimed on the title of your home that added up to $200,000- then you would have $200,000 in equity: $400,000-$200,000= $200,000.
We serve all of Alberta, with a focus on our local Edmonton, Sherwood Park, St. Albert, Fort Saskatchewan, Spruce Grove, Stony Plain, Beaumont, Leduc and surrounding areas!
We are franchised with our National Brokerage Mortgage Architects and can broker your mortgage in other provinces as well. We would love to work with you!