A New Mortgage Could Make Your Year Great!
Whether you need to renew your existing mortgage, need a second mortgage, or are planning to purchase your first home – where you go for help makes a difference. Your next mortgage can be hard or it can be an easy application process. If you’re looking for a new mortgage today, you have a chance to start the decade off right. A variety of financial goals can be satisfied with a new mortgage.
Using a new mortgage to meet your financial goals
If your financial goal is simply to own a home, obviously a new mortgage will help meet that objective. If you already own a home and are considering renegotiating your first mortgage or adding a second, there are many goals that you can accomplish with new funding.
We want to understand your goals and help you meet them. Unfortunately, your bank may be more concerned with mortgage rules and if your new mortgage application meets specific criteria. Essentially, if your credit is bad or damaged, your income is difficult to support with documentation or you’ve recently experienced a loss of income – you might find it hard to get a mortgage contract.
We recognize that by achieving your financial goals with financing, your financial situation can only improve. Apart from the short-term goals that a home equity loan can help you meet, a long-term game plan for financial betterment can also be achieved with a new mortgage. Here are 8 ways that a new mortgage can help you this year.
1. Consolidate debt with your new mortgage
When your credit score isn’t great, borrowing isn’t easy. If you’ve got a lot of debt and are paying a lot of interest – your score may be less than ideal. We work with lenders who can help you consolidate high-interest debts with a new mortgage. By pooling all of your debt into mortgage payments you can free yourself from debt sooner. Debt consolidation means reducing the interest you pay and putting cash back into your budget. You could get ahead of your debt this year by consolidating it with a new loan.
2. Fixing your bad credit
An added benefit to consolidating your debt with a second mortgage or home equity loan is the chance to fix bad credit and improve your score. In addition to reducing interest, a new mortgage can help you improve your finances. We recognize that you can’t get ahead if you haven’t got somewhere to start. Borrowing against the equity in your home is a common-sense approach to fixing your credit problem(s). Future bank loans will be easier. Work with an alternative lender to repair the credit issues you have today.
3. Pay off the tax debt
The second way you can make 2020 a great year with your new mortgage is to pay off the tax debt. Tax debt can be very expensive. Interest and penalties add up quickly and a difficult relationship with Canada Revenue Agency (CRA) is stress you don’t need. Whether you owe personal income tax arrears, tax debt from owning a business, or even have outstanding municipal property taxes to clear up – getting on top of tax debt is key. Why make a payment plan and continue to accrue interest when you can pay everything off at once with an equity loan?
4. Remove a lien
One of the consequences of unpaid debt is a legal action by creditors or CRA. When a creditor takes you to court and obtains a judgment, the next logical step is to register against your property. A lien is another barrier between you and your next bank loan. Creditor liens can make it look like you have less equity than you do. Liens can even make it hard to renegotiate your first mortgage when it becomes due. We can help you pay off judgment amounts that you owe and remove liens against your property.
5. Renovate or fix household problems with your new mortgage
The cost of renovating or repairing major household problems is sometimes prohibitive without access to a budget. For example, the cost of a new roof or the cost of renovating a basement. Even a new driveway can set you back more than an entire month’s income at once. Why use high-interest credit cards to pay for this when a lower-interest mortgage or home equity loan costs much less?
6. Invest in a business venture
If you’ve been struggling to keep a viable business afloat or hoping to start a new business, you might need access to cash to realize your entrepreneurial goal(s). A business loan from your financial institution may not be an option. Once again, bad or damaged credit may play a factor. If your existing business has cash flow problems this can also put your chances of obtaining a loan at risk. A home equity loan can help you pay off suppliers, invest in equipment, improve production or hire employees.
7. Supplement your income
Businesses also go through ups and downs. During slow periods or times of temporary economic downturn, access to a home equity line of credit (HELOC) can help. If a new mortgage is more than your current business needs require, consider looking into a HELOC as an alternative way of bridging the income gap.
8. Travel, education, investments
The final reason to consider applying for a new mortgage is – any reason you like. Be it for travel, to help cover the cost of a child’s education, or to invest in your retirement – a lower cost of borrowing is more appealing than credit cards or bank loans. Make this the year that your dreams come true. Invest in your future, make your family members happy, and do it all without overpaying on interest. We can help you achieve whatever it is that will make you happy. Happiness is up to you – all you have to do is apply.
Working with Turnedaway.ca to find your new mortgage
Over the past 30 years, our team has helped many people find mortgage options to serve a variety of purposes. Even if you’ve been turned down for financing by your bank or credit union. Our team will help find your new mortgage and the best mortgage rate you can get. We can help you make this a great year for meeting your financial goals.
Working with our team means working with a trusted partner. We understand that every deal is a unique opportunity to help someone find their best interest rate and the happiness they deserve. If you’d like to meet your financial goals this year, apply online, and let us help you today!