Here are some advantageous ways to maximize the use of your equity:
- Buy a vacation home or investment property.
- Invest in your child\'s education.
- Consolidate outstanding debt.
- Take advantage of lower interest rates to save you money.
But first you\'ll need to calculate how much equity you have in your home. Meaning, the price for which your home could be sold on the market today, less any debts registered against the property, such as mortgages and secured credit lines.
Here is a basic calculation to help you determine your amount of equity:
Current market value - all debts registered against it = Available Equity