home > home mortgages > home equity > articles > more cash out

You might get more cash out than you think - with a home equity mortgage loan

This article will tell you how you could get "more cash than you think you can" out of your home property, when you get a home equity mortgage loan.

The home equity mortgage loan appraisal tells all

When you get a home equity loan from The Mortgage Store Online, or any other mortgage brokerage for that matter, in 99% of the cases that brokerage will have an appraiser do an appraisal on your home. How come?

Well, an appraiser is a person that comes an looks over your home property, and then puts an official "price tag" on your home. So they have the authority to determine "how much your home property is currently worth."

And having an appraisal done is actually a good thing, because it's very rare that your home will currently be worth what you paid for it when you first got it, or worth less than when you first got it. Your home will usually be worth more. So what?

If your home property is worth more than you think, than you could get more cash out of your property than you think with your new home equity mortgage loan. And that's a beautiful thing.

To find out exactly what tells an appraiser that your home is worth more, and what makes you get more cash out of your home with a home equity mortgage loan, keep reading below.

When your neighborhood is developed - you can get more cash out with a home equity mortgage loan

Sometimes when you buy a home, especially a new home, it's in an area that's not as developed as other areas in your city/region. Your home's area may not have been considered a 'high profile' area when you first bought your home property, maybe cause that area was new, or didn't have any really major or cool "features" or "services" around it, like parks, a school, a grocery store or a shopping mall.

But over the time that you've had your home, it's possible that the area around your home property has developed considerably in a good way. And that 'development' around your home's area can dramatically increase the value of your home - it makes it more desirable to home buyers.

So an appraiser might assess your home property, and determine that, "yes, your home's area has been developed" and therefore your home's value is increased. Which means what? That's right, that you can get more cash out of your home with a home equity mortgage loan!

When you made home improvements - you can get more cash out with a home equity mortgage loan

When you talk to one of The Mortgage Store Online's brokers about getting a home equity mortgage loan, make sure you mention to them any improvements you've made on your home, inside and out, since you bought it. Why?

Home improvement increases the value of your home dramatically. And you need to let your mortgage broker know that you've made significant changes: so they can write that on your home equity loan application, so that the appraiser can see that. They'll look at your home improvements when they come and do the appraisal, and add value to your home's initial purchase price because of those improvements.

Think about it: if you made "finished" your home's basement (which can cost a bundle) since you bought your home with your original home loan - that finished basement dramatically increases the value of your home, at the very least by the amount you spent on finishing your basement. Even smaller changes matter: did you refinish the floors? Put in new kitchen cabinets? Let your broker know about all the fix-ups you made on your home.

By letting the broker/appraiser know your home improvements - they can properly assess the 'increased value' of your home, and with an increased value on your home, you can get a lot more cash out of it with your new home equity mortgage loan!

When the real estate market is humming - you can get more cash out with a home equity mortgage loan

One of the factors you can't control when an appraiser determines the value of your home is the general state of the real estate market.

In the past 3 years, the value of real estate in general in North America has increased by 40%. Whoa. That means the house you bought 3 years ago, could be worth up to 40% more than it was when you first bought it.

For example, if you bought your home for $250,000 say, 4 years ago, it could now be worth $350,000, which means it would be worth $100,000 more than it was when you bought it. Which means - you could get up to $100,000 more out of your home with a home equity mortgage loan!!!

Apply for a home equity loan now! Fill out the mortgage application.

Want to learn more about home equity mortgage loans? Contact The Mortgage Store Online's brokers by using the home equity contact form or by calling them at 1-866-880-2577.

<< return to home equity mortgage loan articles