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Yes, it is true, and the Equity in your home is a powerful tool that can help YOU achieve your goals, says Con Nagle of Global Properties, Cork’s house selling specialists (firstname.lastname@example.org).
The good news is that for many homeowners equity has grown substantially over the past year.
House prices in Cork have increased by circa 13.5% in the last 12 months. This means that for a house priced at €300,000 last year, it is now worth in the region of €340,500. Also, as part of your monthly mortgage payments you also paid €4,500 to €10,000 off the capital amount owing, giving you an increased equity of in excess of €45,000. Nice! And well done.
So what? you might say. I still need a place to live in. Agreed, but your equity can be a powerful tool to help you achieve some of your life goals. Read on for more details…
The most simple benefit to reap is that you are probably entitled to a lower interest rate on your mortgage, if you ask. Most banks are willing to reduce your mortgage interest rate as the ratio of your “Loan to Value” falls, in line with your increasing equity. Savings here can be €20 or €30 a month, adding up to a lot of money over the remaining lifetime of your mortgage.
Other options, include;
Selection of homes sale agreed by Global Properties this year.
The bottom line is that increased equity can help you achieve your goals.
If you’re unsure how much equity you have in your home, contact #Globalpropertiescork (021 4877133) and we can provide a valuation so you can start planning your next move.
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