How Equity and Mortgage help? See Details.?
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.