Toronto 2nd Mortgage
Getting a Toronto 2nd Mortgage is our specialty. For many years we have been able to Help Approve Toronto Home Owners obtain a Toronto 2nd Mortgage for when they needed it the most.
But why should you get a Toronto 2nd Mortgage?
There are many reasons why, but let’s take a look at some of the reasons why Home Owners choose to get a Toronto 2nd Mortgage and see how it can help you.
Mortgage Renewal Time is too far away.
If your existing Mortgage is not up for a Mortgage Renewal, and you need to access Money from your Homes Equity for a Toronto Debt Consolidation, Toronto Home Renovation Loan or Emergency Toronto Mortgage Financing situation, trying to get a Toronto Mortgage Refinance in place can cost you thousands of tens of thousands of dollars in penalties.
For that reason alone, getting a Toronto 2nd Mortgage makes a lot more sense, as it allows you to keep your existing Mortgage in place and get the Money you need.
This also allows you to be able to Mortgage Refinance the amount you borrowed and put it back into your existing Mortgage upon Mortgage Renewal time.
Toronto Debt Consolidation
A Toronto Debt Consolidation can help you free up Monthly cash flow, and allow you to breathe easy knowing you are not burdened with high interest Payments every month. It is the Number 1 reason why clients call us to Help them with their Finances.
You don’t have to live paycheck to paycheck anymore, by consolidating your Debt, your High Interest Debts will be all taken care of in simple monthly payment and you will be able to manage your monthly expenses in a much more manageable way while saving money every month.
Below is an example of how a Toronto Debt Consolidation helped a one of our clients;
Self Employed Client earning a household Income of over $100k and had $130k of various High Interest Debts. We were able to provide a Toronto 2nd Mortgage for $145k to consolidate all his debts into one simple affordable monthly payment. Our Client was able to save $2,623/month. This allowed our client to have more money available every month for savings and other expenses.
|Before a Toronto Debt Consolidation||After a Toronto Debt Consolidation|
|Car Loan $40k ($800/month)||Car Loan $40k (Paid)|
|Pay Day Loan $5k ($1,000/month)||Pay Day Loan $5k (Paid)|
|Credit Card Debt $60k ($1,200/month)||Credit Card Debt $60k (Paid)|
|Personal Loan $25k ($800/month)||Personal Loan $25k (Paid)|
|Total Debt $130k||Total Debt $130k (Paid)|
|Total Monthly Payments (3,800/month)||Total Monthly Payments ($1,177)|
|Total Monthly Savings ($0)||Total Monthly Savings ($2,623)|
All Debts Paid and the New Monthly payment was $1,117
Total savings of $2,623 /month ($3,800 – $1,177 = $2,623)
With the Toronto Debt Consolidation of $145k at a rate of 9.75% our Client still Saved More than 60% of the original Monthly Payments. Our Client is now saving $2,300 every month! Instead of paying $3,800/month our Client is now paying $1,500/month.
Toronto Home Renovation Loan
A Toronto Home Renovation Loan can help with a Home Renovation by adding value to your Home, and make the function of your home flow more easily. By adding or Renovating your Basement, Kitchen, Washroom, adding a new addition, renovating outside the home like the roof, backyard, front yard, or even doing some touch ups and repairs around the home are great ways to put your Home’s Equity to good use.
By utilizing a Toronto Home Renovation Loan you can avoid racking up your credit cards and paying High Interest. Below is a comparison example of the cost of using your Credit Cards, and Lines of Credit to pay for a $100k Home Renovation vs using the Equity in your Home and borrowing with a $100k Toronto Home Renovation Loan.
|Credit Cards and Line of Credit used||Home Renovation Loan|
|Line of Credit $30k ($600/month)||Line of Credit ($0/month)|
|Credit Cards $70k ($1,500/month)||Credit Cards ($0/month)|
|Total $100k ($2,100/month)||Total $100k ($812/month)|
|Savings (-1,288/month)||Savings ($1,288/month)|
This example uses the bases of that you have access to $30k Line of Credit, $70k Credit Card Limit and a Toronto Home Renovation Loan at a rate of 9.74%. (O.A.C. Some Conditions May Apply)
As you can see from the example, a Toronto Home Renovation Loan, can save you $1,288/month on a $100k Renovation Budget and allow you to have your Lines of Credits and Credit Cards available if you ever need them as a backup.
Emergency Toronto Mortgage Financing
Over the course of our lifetime we will be face with an Emergency situation. It’s going to happen whether we like it or not. Leaving us with an uncertain feeling of stress and panic; Acting fast to secure money is the natural though that comes to mind; How will I get the money I need? Where can I get it the money from?, Who can Help me?
Luckily for Home Owners, your Home can lend a hand in securing you the money you need in the case of Emergency Toronto Mortgage Financing.
Situations like; a Death or illness in the family, funeral costs, last minute cash, Hospital Bills, last minute Car Problems/repairs, need to send money overseas to family back home, whatever your Emergency Toronto Mortgage Financing situation, we can help secure you the money you need fast and easy from your Homes Equity.
Emergency Toronto Mortgage Financing from your Homes Equity allows you to, So you don’t need to worry about getting a personal loan or borrowing from friends or family when you need money the most, your Home can lend you a hand.
Toronto Bad Credit Mortgage
Toronto Bad Credit Mortgage is a result of having too much Debt, outstanding collections or have a history of not being able to pay your Bills or Mortgage on time. We understand sometimes Bad things happen to Good People, and sometimes you just need someone to give you a lending hand to get out the Financial Mess you are in.
We have helped Home Owners pay off and resolve access Money even with the following Toronto Bad Credit Mortgage situations;
|Property Tax Arrears||Mortgage Arrears||CRA Arrears|
|Missed Mortgage Payments||Power of Sale||Foreclosures|
|Maxed out Credit Cards||Too Much Debt||Missed Payments|
|Laid off||In between Jobs||Low Income|
Luckily our Team is here to Help. We specialize in Toronto Bad Credit Mortgage Approvals for Home Owners looking to get out of the mess they are in or who need to access money from their Homes Equity. We don’t judge you based on your Credit History, we only judge you based on the availability of the Equity in your Homes. So that means, even with Bad Credit you can get Approved.
We’ll help you get the money you need with a Toronto 2nd Mortgage so you can settle and resolved the issues that caused you to have Bad Credit in the first place, we are here to help.
Toronto Mortgage Broker
Tel: (647) 464-3939
Mortgage Intelligence Inc.
Brokerage License # 10428