There may be unscrupulous brokers who are advising people to take out the maximum that they can get out of the valuation of their properties. Their reasoning is that they will be getting “Today’s Rate” which could well increase in the future. This concerns me as it could turn out to be not such a straight-forward sensible option to take.
The reason that this is recommended is that if you agree to take the maximum then the broker will gain the maximum amount of fee from the Lender and also block you from drawing more money out of your house in future. There is also the fact that if it is the intention to sell on their business then it will appear more profitable to the prospective buyer and your transaction will have helped.
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