The Loans Canada team recently had the chance to speak with Dave Johnson, mortgage broker with Lendmore Financial, over Zoom. We discussed the advantages of using a mortgage broker, the best ways to access your home equity, and the proper use for short term mortgage financing.
Mortgage brokers are licensed professionals that work to secure mortgages and find solutions for clients. The broker will act as an intermediary between the client and their potential mortgage lender, and will use their extensive network of financing providers to find the best option for each client’s needs.
Home equity is built in two different ways: as the homeowner pays off their mortgage and as the market value of the home increases. When looking to access their home equity, homeowners must choose between using a home equity line of credit (HELOC), a second mortgage, or by refinancing. “That’s where the mortgage broker comes in”, says Johnson.
Brokers are also equipped to advise clients on the use of alternative mortgage financing solutions, such as bridge loans. Bridge loans are a short term financial solution that are perfectly suited for the transition between selling your home and buying a new one.
Who Is Lendmore Financial?
Lendmore Financial is a boutique team of mortgage brokers and agents based in Ontario. They work with everyone from homeowners trying to access their equity to first time home buyers, providing tailored solutions for every situation.
Watch the full interview above.