My name is Melissa Haley. I’m new to this forum. I’m staying with my husband at Villa Royale Avenue in Vaughan. He is working in an IT consultancy. We have relocated from Alberta ten years before. Now, we are planning to renovate our home. We have arranged some amount. But, we are sure that it won’t be enough to meet the requirements.
When I discussed this with my cousin, he asked me to apply for a home equity mortgage. He said that home equity mortgages have a lower interest rate than unsecured loans and higher approval rate. The interest costs on a home equity mortgage can be tax deductible. This is the first time we are applying for a mortgage. The very important thing I need to know is whether to consult a bank or a broker for a mortgage. I found a few mortgage broker firms in Vaughan offering loans at affordable rates. What all things which we should keep in mind while approaching a broker for a mortgage? Thank you!