0% Interest, 120% Payback 

When you don't want to sell but don't have enough equity for a mortgage professional to help, consumer proposal solves your problem. 

PROS:

-0% interest, 5 year repayment

-Protects your home from creditors

-100% of your payments go towards principal

-May reduce your monthly payment 

CONS:

-120% debt repayment if you have equity in your home

-Extremely damaging to credit

-May affect your mortgage renewal

-Public record Bankruptcy and Insolvency Act item

-All debts must be included and closed  

Is it Right For You? 

If an equity loan isn't an option and you don't want to sell, this may not just be the right option, it may be the ONLY option to protect your home and pay off your debt. We'll know for sure after our free consultation. 

Home Equity Loans: The Best Option For Homeowners With Debt 

Expensive to Set Up, Worth the Cost. 

While the concept of replacing unsecured debt with mortgage debt may not make sense on the surface, once you break down the cost over 5, 10, 25 years the savings become exponential and the benefits undeniable. 

Carrying $40,000 in credit cards will cost you an average of $740 in interest every month. That same $40,000 will cost you around $420 in an average home equity loan. Carrying balances on your credit facilities also substantially reduces your credit score; get ready to pay way more when you renew your mortgage if you haven't consolidated that debt... 

PROS:

-Monthly payment reductions as large as 70%

-Protects your home from creditors

-Increase your credit score 100-200 points

-Saves you tens of thousands in the long run

-Does not change your mortgage 

CONS:

-Fees to set up-Spouses and other parties on title must consent 

Is it Right For You? 

If you have equity and carrying credit cards, loans and lines of credit, an equity loan can cut your payments and free up badly needed cash every month. It repairs your credit and lines up with your mortgage renewal to consolidate the equity loan with your existing mortgage, dramatically reducing payments again. This is the obvious choice for any homeowner with equity.

Hard to Qualify For, Great Deals Access to Equity, Investments or Cash Required. 

Usually paired with a Home Equity Loan, lump sum debt settlement can save you 40% more than a consumer proposal without filing for protection under the Bankruptcy and Insolvency Act. Anyone applying for a home equity loan with damaged credit is a candidate, as is anyone with access to a lump sum of cash, savings or investments. 

PROS:

-Debt reductions as large as 30%

-Protects your home from creditors

-Increase your credit score 100-200 points

-Saves you tens of thousands in the long run

-Credit begins to repair within 60-90 days 

CONS:

-Only works with equity or a lump sum

-If the accounts are not closed by credit grantor, they will be 

Is it Right For You? 

If you have equity and carrying credit cards, loans and lines of credit, an equity loan can cut your payments and free up badly needed cash every month. It repairs your credit and lines up with your mortgage renewal to consolidate the equity loan with your existing mortgage, dramatically reducing payments again. Lump sum debt settlement works alongside the equity loan and covers the fees to set up the equity loan, effectively making it free. This is the obvious choice for any homeowner with equity.

A Costly, Ineffective Alternative to Equity Loans 

Triple the rate, double the payment. The first thing that comes to most people's minds when they have several credit cards is "I'll get a consolidation loan". First, you'll talk to your bank. When they decline you it's off to high risk lenders. These products only exasperate the issue. You pay 3 times the interest rate of a home equity loan and if you miss your payments they can still take your home. 

PROS:

-Make one payment instead of many

-Slight improvement on credit score. 

CONS:

-Much higher interest rate than your credit cards

-Larger monthly payments than your credit cards

-$15,000 maximum on most products 

Is it Right For You? 

If you're hiding something from your spouse and refuse to use your home equity, make sure you can afford these payments before taking a loan like this. Conversations about debt are even more awkward after you miss three payments and your spouse's key doesn't fit in the front door anymore. Home equity loans are the obvious, more beneficial alternative that reduce interest, payments, pay down the debt and repair credit faster. If you choose this route, ask us about Lump Sum Debt Settlement to save you as much as possible on the debts to cover the obscene interest cost.

Start Fresh With No Debt, No Interest, No Equity... 

Sometimes it's just the right call. If you can't find a way to maintain payments on your mortgages and your debts, and if an equity loan or consumer proposal doesn't solve this problem it's time you call a realtor; today. After three missed payments, creditors can take your home over a credit card, loan or unsecured line of credit almost as easily as taking it for unpaid mortgage payments. Allowing them to do this can cost tens of thousands in needless legal fees and costs, taking you out of the drivers seat on the sale. If this is you and you don't have a realtor, it's time to get connected to the best in your area. 

PROS:

-Start over with zero debt, zero interest

-Rebuild your credit score

-Control the sale process and price

-Save thousands by selling on your terms, not the bank's 

CONS:

-Uproot your entire life

-Expensive realtor fees

-Renting isn't cheap either 

Is it Right For You? 

If an equity loan doesn't work, if you can't afford a consumer proposal payment and you're in danger of falling behind on credit cards, this isn't an option, you need to act today.The banks can, and sometimes will take your home from you over an unpaid credit card.

Good luck! :) Chances are you've found yourself on our website because this strategy isn't working for you. We're here to help. Take advantage of a free consultation.