How Equity and Mortgage help? See Details.?

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First Off we live in Alberta, canada

We have a Mortgage paying 458 every 2 weeks which is 1 extra payment a year (I believe).

We bought the condo for 164,000 + 2,000 upgrades and paid approx. 35,000 down in December 2006.

We have been informed that the condo is now valued at 194,000 or maybe even more which would be approx 30,000 more.

Is there any way we can get approx. 30,000 loan or 30,000 added to mortgage
owing amount so we can pay all of our credit cards and buy some furniture +add stuff to the house?

If yes what documentation do we need to prove what the condo is worth?

How does it effect the mortgage? Would 458 every 2 weeks remain the same,

Just the total owing increases?

Thanks in advance to all who answers.

  1. Reply
    April 30, 2011 at 12:44 am

    Do y’all have home equity loans there? I know the state of TX does, but i think it just depends on your area. On home equities, we used the value the county tax roll said your property was valued at. (if that was not enough since the counties value is normally lower than full appraised value, we would let the customer pay for and appraisal to get an accurate value) then we loaned up to 80% of the value minus your first lien. So in example, 80% of 194,000 is $ 155200.00, then subtract how much you still owe from that amount. And that would be how much equity you had available. The home equity is a seperate loan. So you would have 2 liens on you home and 2 different payments. But it all depends if Home Equity Loans are offered in your area. Call your local bank or whomever you have the home financed with and ask them what they have available. Good luck!

  2. Reply
    April 30, 2011 at 1:44 am

    It depends what you do. You can re-finance your mortgage with for a larger amount to take out extra cash.

    Or, you can go get a home equity line of credit from your bank. This will not effect the mortgage payment, and you’ll make a second payment(usually interest only) on the line of credit. The line of credit allows you to borrow up to a certain amount only when you need it, you only pay interest on the amount borrowed.

    A third option, and probably not the best is a second mortgage.

  3. Reply
    Bianca D
    April 30, 2011 at 2:39 am

    here’s a site i can highly recommend for you. give it a shot!

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