How to Get Approved for a Line of Credit at a Bank in Brampton

Running a business like Brampton/Mississauga mortgage broker leads to a lot of interaction with home owners in the community. Often times we encounter customers looking to consolidate credit card and line of credit debt that they have accumulated at their bank.

This is because often times the first thing a consumer who needs credit will often do is go to their local bank. This often will not result in the best deal. When you go to your bank they are selling you the products and services offered by their bank. It doesn’t necessarily mean that the product or service they are selling you makes the most sense.

Here is one example. Scotiabank offers a mortgage product where they offer you a line of credit against your home at the time of purchase. Normally if you obtain a home equity line of credit the bank will register your line of credit in second position on your home. Well this particular mortgage product is registered as a single mortgage and usually the mortgage registered is much greater than the amount owed, usually encumbering all of the equity in your property.

Some banks will push you to take an unsecured line of credit which will usually bear a much greater interest rate then a home equity line of credit.

If you own a home in Brampton, the best thing to do is to talk to a local Brampton mortgage broker. They will be able to review the home equity line of credit product with multiple banks, help you compare the positives and negatives of each one and negotiate the best terms on your behalf.

If you have been thinking about obtaining a home equity line of credit, time could be running out. CMHC recently announced that it will be withdrawing high ratio insurance on home equity lines of credit so depending on how much equity you have in your property this change may affect your ability to qualify with the bank. This is another way a local Brampton mortgage broker can come in handy. They will have access to other funding sources that may be able to help. Other companies that offer home equity line of credit products include trust companies, credit unions and finance companies. For more information about how to get approved for a line of credit with a bank in Brampton please visit http://www.gtamortgagematters.com/