So, we have made a decision to access some equity in our home. It truly depends on what we choose to use this equity for. A car, a boat, debt, something else entirely.
What can be said is that there are some simple things to avoid whilst trying to obtain this line of credit attached to your property.
- If you already have a mortgage with your current lender ( Ie. First National, Mcap et al.) or your major bank (ie. CIBC, Scotia, Et al.) it is wise to go back to them and ask first what they can obtain for you. It is easier adding a line of credit when your mortgage is currently held with your lender. The bank may take a while, but it will be cheaper in the end and less hassle.
- Always pay for your own appraisal and make sure you get a copy of it. I understand that you may have to have it changed for the lender. This is called a transmittal, but in the end it can be done, and you get the ability of freedom to take your valued appraisal to anywhere you want. At Mortgage Suite we will pay for the appraisal in certain cases, and with reimbursement will provide you a copy of the appraisal.
- Avoid mistaken intentions. Do not add line of credit on to your house not for necessity, but rather convenience. If you truly are needing to pay debts and restructure apply here for a refinance, which makes more sense.
- Based on new government mortgage lending rules obtaining the amount you need may be easier with a refinance than actually going through the process of getting a line of credit. Its always best to check with us regardless. Request a call back here.
One additional cool product
There are other options to Home Equity line of Credits that offer the full banking package. This would be Manulife One. Brilliant product for those that manage their money and really want to take interest savings to the next level. Click here to check out Manulife One Product, or just apply here right away.
Whether it is a line of credit or refinance give us a call at 519-419-3825. We can steer you in the right direction, and always put you on that path to a better mortgage. At Mortgage Suite we believe you may not be our client now, but we can always help you save money which leads to saving those around you money.