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.
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: