There are 3 names in this directory beginning with the letter R.
It is the difference between the market value of a property minus the mortgage loans on the property. Equity = Market Value – Mortgage Loans. Equity can be increased by growth in the real estate market, improving the property to increase its market value or it can be increased by paying down the mortgage through increased regular payment or lump sum payments. The opposites are also true.
This replaces the current mortgage(s) on a property with a new mortgage(s) either before the end or at the end of a mortgage term. Refinances at mid-term will incur the borrower mortgage penalties while no penalties will be incurred if a mortgage is refinanced at the maturity date of a mortgage term.
There are varied definitions from various people about what is considered to be a renovation vs construction. While both can mean substantial work to a property, renovations are typically limited to cosmetic changes to an existing property. Structural changes, with appropriate permits can be considered to be renovations as long as the structural changes are not deemed to be “construction”.