Getting out of debt can be a stressful process. There are so many avenues to explore and the real challenge is finding the right solution to your specific needs. Many Canadians get into this situation due to an unforeseen life event (loss of your job, health issues, family health complications, etc.) and can no longer qualify traditionally for a new mortgage.
If you own your home and want to access the equity, us Mortgage Broker’s at Dominion Lending Centres have a few different products that could be the perfect solution to your circumstance.
Typically, the best solution would be to refinance your existing mortgage to consolidate your debt. However, if you can no longer qualify and need to access the equity in your home, a Second Mortgage may be a perfect fit for you.
We have access to many private lenders that won’t look at your credit or income, they strictly lend on the equity in your property. For this specific solution to work, you will need to have at least 20% equity in your home. To determine the true market value of your property we would order an appraisal. Once the appraisal is completed, we can get you a second mortgage for up to 80% of that value. It’s an easy and quick process and I’ve seen the lenders issue funds into your pocket in as early as two weeks.
To find out if this is a good solution for you, feel free to give me a call at 778-554-4556 and we can discuss your specific circumstance and find the best (and cheapest) solution.
Thanks for reading.