Debt Consolidation

The economy in Canada has been challenging the last couple of years and for some, that has meant an increase in consumer debt.  High interest credit cards and loans can really become a burden on monthly cash flow. Consolidating debts into a mortgage by accessing home equity can be a solution to bring interest payments down and ensure payments are being made to the principle of the debt.  By law, CMHC will allow homeowners to refinance their homes to a maximum of 90% of the home’s value.  Interest rates on consumer debt are traditionally issued at a higher interest rate than mortgages because consumer debt is typically unsecured.  By transferring debt in to a mortgage, your interest rate will drop significantly.

The Personal Touch

The role of the mortgage broker is to act as a link between the client and the bank.  We understand that time is valuable and that buying a home is likely the largest investment that most people make.  It can be confusing and overwhelming to try and determine which financing best suits you and how much you can qualify to buy.  As mortgage brokers, we are able to have a brief 15 minute consultation with you to determine your financial situation and goals.  Then we can easily determine for you your purchasing power, as well as hold rates for you for up to 4 months.  This means that while you are shopping for your new home, you have the confidence of knowing you will qualify for your financing at a set and stable interest rate. 

Free? How can it be?

Did you know that when you arrange a first mortgage with a mortgage broker, there is generally no cost to you the client?  Brokers who are able to place financing with major lenders are compensated by the lender, rather than having to collect a fee from the client.  This is because the lenders put aside a budget to encourage broker business.  There are hundreds of lenders in Canada, and well known lenders such as Scotia, CIBC Firstline, Envision Credit Union, First National Financial and TD Bank (just to name a few) all offer equal compensation to brokers.  This means that your broker can offer you the mortgage with the best flexibility and options and not have to charge a finders fee.