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Take Equity Out at Renewal & Avoid Payout Penalties
May 16, 2016 @ 2:49 PM by: Katherine Meadows & Cheryl Kowalsky

If your mortgage is coming up for renewal it is a good time to look at your situation and decide if you will need any future money for things like, renovations, investment opportunities, paying off debt, or anything else that might take funds.  Under the newest government guidelines if the balance of your mortgage is less than 80% of the value of your home you may be able to take equity out of your home to make some of your other dreams come true.  In some cases we can even go up to 85%, and in the case of a spousal buyout, up to 95%.  For example if you have a home worth $300,000 you could take out $240,000 in new mortgage proceeds.  Whether you have excellent credit or not we can often find the money you need to do the things you want to do.  Renewal time is the best time to take equity out of your home because you will avoid payout penalites.  We are able to assist you and give you the best advice for your personal situation and the options that are available, at the best rate.  Generally we get paid a referral fee from the lender, and our service is complimentary to you.  Red Deer Mortgage Lending is here for you now and at renewal time.  #RedDeerMortgageLending.comKatherine & Cheryl


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