Line Of Credit

There are a number of different ways that you can apply for and be granted a line of credit. Homeowners who have established a large amount of equity may have the opportunity to establish a home equity line of credit off of the amount of their home equity. Those who do not own homes can establish a line of credit based solely on their credit history or on some other investment or piece of collateral.

A line of credit can be defined as any source of credit that is given to an individual, business, or government by financial institutions, line of credit companies, or banks. The type of credit line can vary greatly and can take the form of a revolving credit, such as a credit card or a variety of loan types for special purposes. When broken down, a line of credit can be described as a source of money that is freely available for a borrower to withdraw from provided by line of credit companies. In the majority of cases, interest is paid on any amount of money that is withdrawn, but no interest is paid if the line of credit is not being used. In some cases, credit lines will have fees for accounts that are not currently in use.

Lines of credit can be secured using a variety of methods. Most commonly, they are secured against a physical piece of property or collateral (for example a home equity line of credit), but in some cases they are unsecured. Unsecured lines of credit are usually provided by financial institutions and banks to those who show exceptional credit history and whose banks are confident that he/she will be able to pay back any amount borrowed. When trying to apply for a line of credit, the first thing that is considered by the line of credit companies is the credit history of the individual or business.  Those with lower credit scores will likely be unable to receive unsecured lines of credit and may even have difficulty applying for secured credit lines.

The amount of credit that someone may receive is based on their credit history, income, and collateral if it is a secured loan. Even when collateral is used, those with low credit scores may not receive as much of a loan as those with higher scores. Types of collateral that may be used to gain a line of credit could be an automobile, a house, jewelry, or other valuables. Lines of credit can be cancelled at any time; however, some lenders require a fee for cancelling before the end date. When using a line of credit loan, it is important to make sure that you do not take out more money than you are able to pay back. When looking for line of credit companies a mortgage broker can help you choose the one with the best rates.

What is the GLM Mortgage Group?

GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available.

We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!