Debt Consolidation Loans for Homeowners in Canada

Debt Consolidation Loans for Homeowners

There are a few options when it comes to debt consolidation home loans. Whereas unsecured debt consolidation loans in Ontario have all but gone extinct, homeowners have one of 3 options. First, a homeowner has the option to refinance their mortgage. Second, they can opt to get a home equity line of credit. Lastly, they can elect to get a home equity loan.

In reality, most homeowners elect to stay away from refinancing their homes. This is due to the risk of large penalties that break their mortgage.  Additionally, they also run the risk of their mortgage rates going up.

With this in mind, Home equity lines of credit are attractive options but they are very hard to qualify for. This leaves the option of a home equity loan and they are in high demand from consumers.

Home equity loans come with low-interest rates and can dramatically reduce your monthly interest payments, clearing your debt faster. While desirable, home equity loans to consolidate debt can still be a challenge to get if you don’t know where to apply.

Sadly, major mortgage lenders are not providing as many debt consolidation options as they used to. New rules and regulations have caused major banks to start to scrutinize debt consolidation loans in Ontario for homeowners. Consequently, your bank or credit union is no longer just looking at the amount of equity you have, they are reviewing credit scores, loan payments, and other monthly payment obligations you have.

With the rise in declines for debt consolidation loans for homeowners, a lot of consumers are turning to a credit counselor or bankruptcy trustee. Debt management is tough, especially when your bank won’t help you. This is unfortunate as most consumers have other options.

Where Can I Get a Debt Consolidation Loan in Ontario Against My Home?

There is no worse feeling than having your bank or mortgage lender decline you for secured debt consolidation, it often seems illogical when you are offering your home as collateral.

Having said that, there are still a number of lenders who are more than eager to help consumers pay off their debts and an experienced mortgage broker can help.

A mortgage broker specializing in home equity loans for debt consolidation will have access to a variety of lenders that can help. These lenders care less about factors such as credit and income and tend to be lending you the money based on common sense and the risk to their investment. If the application makes sense and a borrower has sufficient equity, they will offer extremely competitive mortgage rates to get your business.

Mortgage Brokers Who Specialize in Bad Credit Debt Consolidation Loans in Ontario

Turnedaway.ca has been helping clients who have been turned away by the big banks and other mortgage lenders for over 30 years. We are not a finance company, we are a mortgage brokerage. We help clients who have equity in their homes overcome financial challenges that the big banks won’t help.

Whereas most mortgage brokers can’t, we can arrange home equity loans for homeowners who have or are facing:

• Bad Credit Score
• Property Tax Arrears
• Owe Revenue Canada
• Power of Sale/Foreclosure
• Excess Debt
• Credit Counselling/Bankruptcy

Avoid high-interest payments, we can help you arrange secured debt consolidation loans with competitive interest rates with the most flexible terms. Our conglomerate of alternative lenders includes trust companies, mortgage investment companies, credit unions, and private lenders. With a variety of lenders at your disposal, we can get you the best approval for your situation.

Turnedaway.ca helps you save money and provide you with debt relief, no matter your credit history. Call us today to qualify for debt consolidation, get a free consultation at 1-855-668-3074, or apply online.