Mortgage for Debt Consolidation in Canada
Mortgage for Debt Consolidation in Canada
Nobody likes debt. We can all admit that. However, some circumstances of life happen and turn all our healthy savings into unforeseen circumstances due to its high-interest rates. If you are in that situation, you don’t need to be scared. What you need is a solution to have better control of your financial situation. To do this, you need the right mortgage debt consolidation in Canada to streamline your debts and offer you a lower interest rate that can clear away your debts.
Why Use Debt Consolidation in Canada?
Canadian Homeowners utilize debt consolidation mortgages to combat household debt and streamline their financial issues. A debt consolidation mortgage is known as a long-term loan that is given to homeowners to pay off multiple creditors.
This type of loan service is highly beneficial to homeowners who deal with high-interest debts and cannot make a significant impact debt laying their debts. As a result, debt consolidation mortgage offers a singular payment plan that has a lower interest rate when compared to their current mortgage.
If you ever want to get debt consolidation in Canada, there are many factors you need to consider before making the right decision. Selecting a brokerage firm like Equity Avenue Mortgages allows you to partner with financial experts that can negotiate interest rates and other varying contracts on your behalf. Be assured that your projects are handled by the best hands in the industry who know how to make the best opportunity from each challenging situation with debt consolidation in Canada.
Why Use Debt Consolidation in Canada?
Who wants an out-of-control debt? Who wants to be in fear when the phone rings thinking it is some debt collector? Well, if this is your current state, you need not worry any longer.
With the best debt consolidation loan agency in Canada, you get to refinance your debts, stop creditors from disturbing you, and improve your financial situation efficiently. Besides, here are other benefits of Debt Consolidation in Canada
Low-Interest Rate
Mortgage loans often come with a low-interest rate. Since it is backed by assets and your home, you have less chance than of dealing with creditors and keeping them less risky from the prying eyes of banks and other financial institutions. Besides, the low-interest rate allows you to save hundreds or thousands of dollars over time.
Better Credit Score
Thanks to mortgage loans, all your debts are streamlined into one location. As a result, you have the chance of making a continuous monthly payment to an agency that could lower the amount and give you enough time to pay off your debts. Debt Consolidation in Canada gives you enough opportunity to improve your credit score together with your financial situation.
Lower Monthly Payment
Debt Consolidation in Canada transforms mortgage payments into lower monthly payments and gives you enough time to pay off your debts. You will finally have some room to breathe.
No More Calls
With Debt Consolidation in Canada, you do not have to be fearful of your mobile device any longer. It stops creditors from disturbing your calls and keeps you at peace while you work on your financial situation.
Debt Consolidation Options
Here are three strategic ways of using Debt Consolidation in Canada to put into mortgages.
Refinance
Refinancing allows you to break your mortgage contract at an early stage by consolidating your mortgage and other debts into a loan that is up to 80% of your total home’s value. Also, known as the Loan-to-Value ratio (LTV), the early breaking of the contract attracts a penalty.
The penalty ranges from three months’ interest that is attached to a variable mortgage or a more significant interest rate with a fixed mortgage.
Second Mortgage
This type of debt consolidation often comes with a very high-interest rate. Although many lenders do not offer this consolidation option, they still allow you to have access to 80% of your total home’s value. If you are having trouble getting a larger loan with your current lender, then a second mortgage can be a considerable offer.
Although it comes with a high-interest rate, these rates are still low when compared to rates of credit cards or personal lines of credit.
Home Equity Line of Credit (HELOC)
A HELOC is another debt consolidation option that is backed by your home. It allows homeowners to access about 80% of the home value subtracted from their current mortgage balance. All HELOCs are of variable mortgage rates and have an interest rate that is slightly higher than a usual 5-year variable rate.
With HELOC, you are not given all the funds at once. Instead, it offers you a flexible opportunity that allows you to have access to the equity that you wish. Besides, it doesn’t require you to pay a portion of the loan offers every month. Instead, your minimum monthly payment is the only interest paid depending on the amount you have withdrawn.
Although HELOC requires you to pay some legal fees, it is quite beneficial when refinancing your penalties.
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Why Choose Us For Debt Consolidation in Canada?
When you are ready to choose a debt consolidation company, you can’t just select any type of company. You need a credible company that understands your situation, is ready to listen to you and delivers the best Debt Consolidation in Canada. To be honest, not every debt consolidation company works like this.
However, you can achieve a difference with Equity Avenue Mortgages right here in Canada. Our company regards our clients with high esteem and strives to deliver the best deal to them. We understand your priority and try every possible best to get the best deals from private lenders. Again, here are some reasons why you should consider our company.
Receive Quick Fund
The moment you are approved, we transfer the needed funds into your account at a fast pace. All our rates and fees are available to you to ensure transparency in all ramifications.
Easy Application Process
Our application processing can not be made easier. Our exceptional customer service team and trained experts walk you through different stages to make your application processing easier and faster.
Confidentiality
We value the privacy of our clients. As a result, we keep all the information confidential to protect your identity and preserve our business’s values.
Excellent Customer Service
At Equity Avenue Mortgages, our clients are our main priority. We hold our clients in high self-esteem by attending to their financial needs and giving them a satisfying experience. We understand every distress call and work as timely as possible to prevent them from getting to your phone any longer. We put you first, listen to your demands, and tailor your demands to fit with your laid-out strategies. On other occasions, we make recommendations where necessary to fit your needs. Try our exceptional company today to have a taste of quality customer service.
Trust and Security
Getting a private mortgage in Canada can be scary. As a result, our trained experts handle all modes of communication effectively to keep you calm and make you at peace. Besides, if your bank keeps rejecting you, our doors are wide open for you to provide you with safety. If you are not aware, we provide you with better security than other financial institutions.
Experienced Financial Team
You can’t get it wrong with our highly-trained professional team. We are tons of professionals who are ready to handle your projects efficiently. We negotiate your deals with private lenders while getting the best result from them.
Since our clients are our main priority, our trained financial experts collaborate with you, listen to your demands, and tailor your requirements to our aligned protocols. If any changes need to be made, we offer the best recommendations that can make you worry less and improve your financial situation.