Home equity refinancing lets you tap into the value you've built in your property. Whether for renovations, investments, debt consolidation, or other major expenses, understanding how it works helps you make smart decisions.
What Is Home Equity Refinancing?
Refinancing to access equity means replacing your existing mortgage with a larger one, and taking the difference as cash.
Maximum: You can refinance up to 80% of your home's current value.
How Much Can You Access?
Example:
- Home value: $700,000
- Current mortgage: $350,000
- Maximum mortgage (80%): $560,000
- Accessible equity: $210,000
Common Uses for Home Equity
Home Renovations
Invest back into your property to increase value and improve living conditions.
Debt Consolidation
Replace high-interest debt with lower mortgage rates. See our debt consolidation guide.
Investment
Use equity for investment opportunities. Interest may be tax-deductible when borrowing to invest.
Education
Fund education for yourself or children.
Emergency Funds
Create a financial safety net.
See What You Could Access
Request a free equity analysis to explore your refinancing options.
Costs of Refinancing
Learn more in our HELOC vs. refinance comparison.
FAQ
Q: Will refinancing affect my credit?
A: The application creates a credit inquiry (minor impact). Otherwise, no negative effect.
Q: Can I refinance if I'm self-employed?
A: Yes, with proper documentation. See our self-employed guide.
Q: What if I'm mid-term?
A: You can refinance anytime, but penalties may apply.
Q: Is the interest tax-deductible?
A: Only if you're borrowing to earn investment income. Consult a tax professional.
What's Next
Explore your refinancing options with a free equity analysis. We'll show you exactly how much you could access.
Ready to Get Started?
Contact us today for personalized mortgage advice and competitive rates.
