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Consolidating debts into a longer term mortgage structure can be a challenging decision. The further behind a borrower gets and the higher the debt balances and minimum payments rise, the less options become available. In every debt consolidation situation it is critical to explore the options as soon as the need for some relief situation. If the situation has gone too far we work with many lenders that will take on a more risky situation for a year or two so that we can re-structure and have you back with a traditional lender as soon as possible. There is a premium for these lenders but compared to alternative of a potential consumer proposal or bankruptcy which will have a devastating effect on your credit for years to come, this is a relatively small price.
We look at the big picture. What debts should be repaid, what can you afford to service each month and what equity is available. Together we make a solid plan to lower your monthly payments and minimize the amount of interest you are paying.
We build your application and assess the market for the right product and the lowest rates and appropriate terms. There are many different products available depending on your equity position, credit rating and income situation. The majority of the time we can find the ideal solution the same day.
We work with the chosen lender to quickly pay out your existing debt and replace it with a lower interest single mortgage payment. We arrange the appraisal and organize the signing. The whole process can take less than a week from start to finish.