This last year we have been witness to a pandemic that has, and continues to be one of unprecedented proportions not experienced in our lifetimes. We have had to adapt in so many ways to help stem the spread of Covid-19. Some of the steps that have been taken have involved hard financial choices on both a Government and personal level.
As a result of some of these steps, many have seen hours reduced in their jobs, temporary layoffs and job losses. Bills must still be paid and any outstanding debts have to be addressed despite the tough economic circumstances. Many Ontario borrowers and homeowners are looking at the various options that are available to help pay for outstanding debts and may have thought about taking out a personal loan to ease the financial strain on household expenses.
Is that really the answer? What taking out a personal loan really represents is another outstanding debt payment to make on a monthly basis which will only effectively add to your overall debt burden. A preferable option would be to look to opportunities that are available for Ontario homeowners that involve minimizing the overall number of debt payments per month.
When looking to ease the overall debt burden, a consolidation loan would allow an Ontario homeowner to address outstanding debts and consolidate these debts under one secured mortgage loan that would only require one monthly payment. Two options available for Ontario homeowners include applying for a Home Equity loan or Home Equity Line of Credit (HELOC). Using equity built up in your home can provide a great solution to resolve short term debt concerns while utilizing existing equity in your home.
Home Equity Loans and Home Equity Lines of Credit- Tapping into Your Greatest Asset
If you are looking to consolidate expenses such as multiple high-interest credit card payments, a HELOC could suit your purposes, however, it still represents a line of credit secured against your home. Both a HELOC and a Home Equity Loan are designed to allow you to make payments that fit comfortably with your budget and other ongoing expenses using the equity in your home.
If you own your own home, in the process of paying off your principal mortgage, equity is slowly building in your property. By accessing this equity, you can address your immediate debt concerns. Equity can also be utilized to help with the overall refinancing of your property if payments temporarily become difficult and by taking out a loan secured by your property you can combine multiple debt payments into just one monthly payment, Applying for either secured loan can help ease the strain that debts put on Ontario homeowners.
By taking out a Home Equity loan there is only one payment to worry about and the loan is secured against most likely your biggest asset- your home. Tapping into existing equity in your home is a great way to secure a loan that will enable you to pay ongoing financial needs and provide you the opportunity to consolidate existing debt that comfortably fits into your monthly budget.
Home Equity Loans have quite flexible terms. Generally, a Home Equity Loan will be an open one-year first or second mortgage. The interest rates that one could expect, tend to be higher than a standard 25 year amortized mortgage at 7% to 12%. This is a short-term loan so higher interest is paid for a much shorter period.
The Home Equity Loan is structured as an open mortgage providing the option of ending the loan early with only a three-month interest penalty fee to pay if you choose to end the loan prior to the end of the loan term. Three common types of home equity loans options available include:
- Interest-Only Mortgage– The homeowner is only required to make interest payments and not the principal loan amount.
- Blanket Mortgage- In this mortgage arrangement to secure financing, the homeowner will secure the loan against several properties.
- Construction Draw Mortgages- This mortgage loan allows the lender to pay for ongoing construction costs
Consolidate Your Existing Debt to Reduce Monthly Economic Strain- Main Advantages
Regardless of what debt consolidation loan you choose, the primary advantage that Ontario homeowners face is threefold. Primarily, the reduction in the number of ongoing debt payments that need to be tackled is reduced to one manageable monthly payment.
Another advantage for the Ontario Homeowner when negotiating a Home Equity Loan or HELOC is that there is an opportunity to secure a lower overall interest rate. Certainly the interest rate will be substantially lower than what you may be currently paying with high interest credit cards that can have as high as 19% annual interest rates attached.
A third advantage is that an Ontario homeowner can tap into the existing equity in their property and use these funds to address current financial concerns while reducing the overall debt load. Take control of your finances and let the value of your home work to your advantage.
Mortgage Broker Store Can Help in Your Search for Bad Credit Loan Options
Mortgage Broker Store can help connect you to an appropriate private lender to help tackle your debt concerns. We understand the concerns of the borrower and we are always striving towards finding the best match when looking at your particular mortgage and financing goals whether you are looking to refinance, take out additional mortgages on your property or debt consolidation.
We work with a network of private lenders across the country and are more than happy to guide you in important decisions that you will be making during the private lending process. To obtain a bad credit mortgage loan, feel free to contact us at your convenience. We will steer you in the right direction in your mortgage search.
For services in Cities and Towns across Ontario, please see below for more details:
Debt Consolidation in Ontario
There is nothing worse than debt to provide ongoing worries. Multiple debt payments may give you sleepless nights. Ontario homeowners do have options to help navigate debt concerns. Rather than taking out another potential personal loan, look to utilizing existing equity built in your home to address ongoing financial issues. Even if your credit is damaged and the big banks may not be an option, there are many Ontario based private lenders that can work with you to take out a consolidation loan such as a home equity loan or Home Equity Line of Credit (HELOC). Don’t let credit issues dissuade you from taking the steps necessary to consolidate your multiple monthly debt payments into one monthly payment utilising funds that have built up on your property.
Mortgage Broker Store has access to a vast network of private lenders across the Province of Ontario that enables us to connect Ontario homeowners and borrowers with a private lender to address any credit issues while negotiating private mortgage loans. We will address any questions you may have and work with you to help you achieve your lending needs. Learn how to Consolidate Your Debt in Ontario
Home Equity Loans in Ontario
You have heard it before. Tap into the equity built up on your home. Why not try to consolidate your existing multiple debt payments and roll them into one monthly, easy to manage debt payment. By applying for a home equity loan, you are not only taking advantage of funds already built up in your property, but you can now look forward to one monthly payment with a lower interest rate than other high interest debt you may have including credit card payments.
Mortgage Broker Store can help you with any concerns you may have when applying for a home equity loan. We have vast experience in negotiating mortgage loans ranging from home equity loans to second mortgages, bridge loans and consolidation loans. With access to a vast network of private lenders across the Province of Ontario we will be able to connect you with a private lender to suit your needs and help you achieve financial peace of mind even if current credit issues have been a deterrent with other lending options. Learn more about obtaining a Home Equity Loan in Ontario
Second Mortgages in Ontario
When finances may be tight and credit may be a problem, looking into various lending options using your biggest asset can provide a sensible solution. Ontario homeowners can take advantage of existing equity in their home to take out a second mortgage loan secured against their property. If your credit score has been damaged as an Ontario homeowner you can turn to Ontario based private lenders to negotiate a secured second mortgage.
Mortgage Broker Store is here to help Ontario homeowners with any second mortgage applications. If the banks have turned you away we will be able to look to criteria beyond credit worthiness to help secure a second mortgage loan on your property. With a network of established private lenders across the Province, we will be able to work with you to tap into your home’s equity to take out a second mortgage. We will help free up money in your home to put towards immediate financial concerns such as home renovations, student loans or easing the strain of your primary mortgage. Learn how to get a Second Mortgage in Ontario
Private Mortgage lenders In Ontario
Ontario homeowners have a wide range of options when it comes to choosing a lender. Generally lenders will fall into 3 broad categories which include A lenders ( big banks), B lenders ( credit unions and trust companies) and C lenders ( private lenders). With increasingly stringent criteria imposed on Ontario homeowners when applying for mortgage loans by A lenders, many Ontario based borrowers turn to B lenders to apply for financing. If credit is in issue, however, these borrowers will not qualify for a mortgage loan. Don’t despair, private lenders will be able to negotiate loans based on other criteria including existing assets, all sources of income and the appraised value of your home.
Mortgage Broker Store is here to help Ontario homeowners with any mortgage loans that you may require, be it second mortgages, home equity loans, Home Renovations Lines of Credit (HELOC), bridge loans and consolidating loans. With access to a well established network of private lenders across the Province we will address your financing concerns and connect you with a private lender to negotiate mortgage loans to cover short term financial needs while you work to restore your credit. Learn more about Private Lenders in Ontario
Reverse Mortgages in Ontario
Ontario homeowners take pride in their homes. You have worked hard to pay off your principal over the years and look forward to owning your home outright. If you are 55 years or over your financial goals may have changed. You may also be in the enviable position of having paid off the principal of your mortgage loan or the bulk of it. If you are looking to pay for upcoming expenses such as possible home renovations, helping grandchildren or your adult children with finances, don’t take a personal loan, tap into the equity of your house with a reverse mortgage. Reverse mortgages can help you achieve peace of mind while taking advantage of the equity in your valued home.
Mortgage Broker Store can help you in your quest for a reverse mortgage. We are in the enviable position of having access to a vast network of Ontario based private lenders that will answer any question you may have. We will sit down with you and take you through the process of applying for a reverse mortgage. You have worked hard to own your home now make your home work for you. Learn more about Reverse Mortgages in Ontario
Bad Credit Mortgages in Ontario
Even if you are having current credit issues there are still lending options open to you. As an Ontario homeowner or borrower you may have been turned away by the big banks or credit unions based on your credit score. Private lenders can help bridge this financing gap by providing you with different secured mortgage loan options. We will base the criteria of these loan applications on factors beyond your current credit score. By accessing any additional assets you have, looking at all sources of monthly income and assessing the appraised value of your home private lenders can secure a mortgage loan to meet your short term financial goals.
Mortgage Broker Store can steer you in the right direction when applying for a bad credit mortgage. We have access to a broad range of private lending options, each with valuable experience and well established in the Province of Ontario. We will be able to address any questions you may have and work with you to solve your lending needs despite current credit issues. Learn more about how to obtain a Bad Credit Mortgage in Ontario
Stop Power of Sale in Ontario
If you have been late in mortgage payments and are currently in default of your mortgage loan, you may have found yourself in the midst of the process of Power of Sale on your home. Although there are legal issues to address, there are still steps that can be taken to possibly stop the Power of Sale going through on your home. Power of Sale still takes time and there are steps that your lender must follow in order to legally carry out a power of sale on your property. It is not too late to sit down with a private lender and take the necessary immediate steps to stop a power of sale going through on your home.
Mortgage Broker Store is here to help you in taking the steps to try to prevent a power of sale going through on your home. We have access to a broad network of private lenders across the Province of Ontario that are both experienced and well established. We will sit down with you, answer any question you may have while working with you to move forward on stopping a power of sale on your valued home. Learn more on how to Stop Power of Sale in Ontario