Mortgage Broker in Vaughan

There are a number of reasons why using a mortgage broker is beneficial to you when securing a home equity loan.

For starters, brokers have experience with the process and are tuned into details that you may not be. They can guide you through the process and help you understand the details of the arrangement and complete the appropriate paperwork. In addition, their experience allows them to shop multiple lenders in the time it would take you to research one option. This will save you time and aggravation.

Using a broker gives you more choice and will result in the best rate. Brokers have established relationships with multiple lenders - who are often competing for your loan. They can leverage those relationships to negotiate the best rates which can save you thousands of dollars.

If your credit score is less than ideal, you can still benefit from a home equity loan but you’ll have a few more restrictions than someone with an excellent credit score. Your eligibility depends on a number of factors, so it’s worth discussing with a broker to determine your options. The amount you qualify could be capped but with a lower interest rate than other loans, it could still be beneficial to consolidate and pay off your debt through a home equity loan. If you’re considering this option, book a call to speak with me.

As with all forms of borrowing, you must consider if this type of loan is right for you. When borrowing against your home, you want to ensure you will be able to responsibly repay the loan. If you encounter problems with repaying the loan or your interest, you could lose your home.

If you are financially responsible with a steady, reliable income, this type of loan can save you a lot of money through low interest rates and favourable terms and conditions. However, this decision requires you to do some research and commit to a repayment schedule that works for you.

I can help you make the financial decisions that work best for you and your family or situation. Book a call today to discuss your options.