Draw on Your Equity

Each time you make a mortgage payment, a portion of that payment goes toward paying off your principal (the amount you originally borrowed). As you pay off your principal, you build more and more equity in your home. Depending on the market conditions in your area, the value of your home may also have increased since you purchased it. Simply put, the difference between what you still owe on your mortgage and the current value of your home represents your equity in the home.

By refinancing your mortgage, you can draw on this equity to get money you can use for other purposes: home improvements, college tuition, buying a second home, debt consolidation, etc.

If you wish to refinance to draw on the equity you have in your home, talk with a Norcom mortgage specialist.