Online Debt Consolidation Loans in Canada for Homeowners
Secured Debt Consolidations are in high demand from consumers because of low interest rates and high volumes of unsecured debt.
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There are a few options when it comes to debt consolidation home loans. Whereas unsecured debt consolidation loans in Canada 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 home. Notably, because there can be large penalties to 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. Consequently, this leaves the option of a home equity loan and they are in high demand from consumers.
As a matter of fact, home equity loans come with low-interest rates and can dramatically reduce your monthly payments. Home equity loans to consolidate debt are very desirable but 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 for homeowners. Consequently, your bank or credit union is no longer just looking at the amount of equity you have. Suddenly, they are reviewing credit scores, loan payments and other monthly payment obligations you have.
And, with the rise in declines for debt consolidation loans for homeowners, a lot of consumers are turning to a credit counsellor or bankruptcy trustee. Debt management is tough, especially when your bank won’t help you. Truly, this is most unfortunate because most consumers have other options.
Indeed, there is no worse feeling than having your bank or mortgage lender decline you for a secured debt consolidation. Moreover, 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. Fortunately, an experienced mortgage broker can help.
In fact, a mortgage broker specializing in home equity loans for debt consolidation will have access to a variety of lenders that can help. To clarify, these lenders care less about factors such as credit and income. In other words, they tend to be lending you the money based on common sense and the risk to their investment. Consequently, if the application makes sense and a borrower has sufficient equity, they will offer extremely competitive mortgage rates to get your business.
In a word, Turnedaway.ca has been helping clients who have been turned away by the big banks and other mortgage lenders for over 30 years. In fact, we are not a finance company, rather a mortgage brokerage. Ultimately, we help clients who have equity in their home overcome financial challenges that the big banks won’t help.
Whereas most mortgage brokers can’t, we can arrange home equity loans for who homeowners who have or are facing:
Moreover, we can help you arrange secured debt consolidation loans with competitive interest rates and the most flexible terms. Our pool of alternative lenders includes trust companies, mortgage investment companies, credit unions, and private lenders. Overall, having a variety of lenders at your disposal means we can get you the best approval your situation presents.
If you are interested in how debt consolidation for homeowners works give us a call for a free consultation at 1-855-668-3074 or apply online.
We can’t thank you enough for all your help with our mortgage. We were skeptical about filling out an online application but we had tried several banks and due to our credit, couldn’t find anyone to help us. Getting a call within 15 minutes of submitting our application to go over the application put my mind at ease but my husband and I were both shocked to receive a call the same day with an approval. We are still amazed at everything you did considering how difficult the banks made our situation sound. Again, from the bottom of our hearts thank you so much!
Marilyn & Bob T, Whitby Ontario.
My wife and I felt completely lost and didn’t know where to go after being declined by our bank of 18 years. We were so relieved once you advised us there are still lenders that value a mortgage based on merits other than just your credit rating. We had never missed a payment on our mortgage for 18 years and to hear our bank say they couldn’t help us even though we owed virtually nothing on our home was heartbreaking. I couldn’t be more grateful that you helped out two complete strangers when nobody else would.
Dave & Sharon S, Ottawa Ontario
I can’t put into words how greatful I am to you regarding coordinating all of the activities in seeing my new mortgage go through. There are several reasons for the appreciation from my side but most importantly it will allow my daughter to continue to grow up in a home and neighborhood that she has identified as being very important to her.
I owned a home for almost 15 years and faithfully renewed at my bank every 5 years. About 14 years into my mortgage my job was terminated and I was forced to rely on credit cards to keep things going. Fortunately I found work after 7 long months but by then my credit had deteriorated and my bank wouldn’t help. I called turnedaway.ca after hearing one of their radio ads and I am glad I did. They bailed me out of a bad financial situation, got rid of all my credit card debt and got me down to one manageable mortgage payment.
John C, Toronto Ontario.