Use your home equity to pay out any high-interest debts faster through a mortgage refinance.
If you have multiple debts with varying interest rates, the monthly payment liabilities could affect your cash flow. Thankfully, mortgage refinancing allows you to access up to 80% of your home’s value. You can use that fund to consolidate your outstanding debts into one monthly payment at a lower overall interest rate.
If you are concerned about penalties, consider this. Even a few percentage points reduction in mortgage rates could result in thousands of dollars in interest savings over time.
Interested to know more? Contact us today. Or simply call us for a quick mortgage pre-approval!
Living in Orillia has its perks, thanks to its strategic location, between Lakes Simcoe and Couchiching. Aside from its beautiful waterfront, the city is known for its art, culture, history and the year-round festivals and recreational events. However, Orillia living could be expensive, more so if you are deep in debt.
If your money problems seem too big to handle on your own, talk to our credit counselors for a practical solution. At Credit Canada, we offer debt relief, debt counseling, and debt consolidation help. You can get debt counseling from our experts over phone or visit our Orillia office at Cedar Point Drive.
You probably know that a second mortgage is an additional loan that you can take out on your already mortgaged property. It is easy to see why many borrowers in Orillia are using a second mortgage to consolidate their debts. Despite its higher interest rate, a second mortgage still offers a better deal than credit card loans or unsecured lines of credit. If you any questions about second mortgages in Orillia, please contact us for a free consultation.
The interest rate on a second mortgage depends on many factors but mainly your property’s loan-to-value (LTV) ratio. In other words, your lender will check your property’s appraised value minus any existing loans on it. The lower your LTV ratio, the lower would be your mortgage rate. If your property has an LTV ratio of below 60%, you have a higher chance of securing the best rate on a second mortgage.
A home equity line of credit (HELOC) is by far the most popular type of second mortgage in Canada. It allows you to use the equity in your home to tackle any unexpected expenses. You can use the loan amount to pay off your high-interest debts, renovate your home, or pay off your tax arrears. Remember, however, you are getting the loan against your home. So you don’t want to use a HELOC for unnecessary or not-so-important expenses, such as buying a fancy car.
A home equity loan is a type of secured loan. You get the loan using your home or any other real estate property as collateral. Mostly, private lenders that are not bound by the same rules as banks offer this type of loan. Even if you have a bad credit history, you can still get a home equity loan. The lender only requires that you legally own a property in Canada and have equity in the property. At Credit Canada, we have years of experience providing home equity loans in Orillia.
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