Why you should hire a mortgage broker to get a Home Equity Line of Credit in Mississauga?

As a homeowner in Mississauga, perhaps the least expensive and most convenient way to borrow money is from you home equity. And if you borrow on a regular basis one of the best ways to do this is through a home equity line of credit (HELOC).

A HELOC is a revolving line of credit that works in much the same way as a credit card does. You have a borrowing limit (most lenders will offer up to 80% of your home equity), which you can borrow from and pay back as often as you like provided that you never exceed the limit. The main difference between a HELOC and a credit card is that because a HELOC is a secured loan (unlike a credit card which is unsecured), the interest rate tends to be much lower.

Why work with a mortgage broker to get a HELOC?

Although HELOCs can be obtained through your bank or credit union, it is usually best to work with a professional mortgage broker in Mississauga if you would like to apply for a HELOC. There are a number of reasons for this including:

Mortgage brokers work with a variety of lenders – Your financial institution will only offer you their own products which means you might not be getting the best rate. By hiring a professional mortgage broker, it means that you have someone who is comparing multiple lenders for you to help you get the HELOC that is right for you.
Ensure you are getting the right product – A home equity line of credit is an excellent way for homeowners to borrow money from their home equity but it is not the only way. When you work with a professional mortgage broker, they will assess your situation to help you determine what the right mortgage strategy is for you. It may be that a HELOC is the best solution – or they may recommend another solution such as a second mortgage or refinancing.
Specialists in the industry – Professional mortgage brokers specialize in the mortgage industry whereas your bank representative may only have a general knowledge. To help ensure that everything is done right the first time – and avoid unnecessary delays – working with a mortgage broker is a smart idea.

Contact AKAL Mortgages today!

Are you interested in learning more about home equity lines of credit and whether they are the right mortgage product for you? If so, contact AKAL Mortgages today to speak with a member of our team.

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