Debt Consolidation

There are times when taking your borrowing needs to the big banks is advantageous. When it comes to the surprising amount of Canadians who are not qualifying for their mortgages with the banks – using a local service provider can be the difference between a great interest rate and the contract from hell! Here’s why…
Li Wei (John) and Wang Fang (Grace) held their heads high as they entered our meeting to discuss their situation. See they were living the Canadian dream (or the one they saw other Chinese immigrants enjoying). New imported cars, an expansive palatial spread in Markham’s Rouge River Estates neighborhood and private school for their young
The month of July saw more increases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady at 4.64%. The prime lending rate increased for the first time since September 2010 – this will eventually increase interest rates on variable mortgages and home equity lines of credit. Here is what
Did you know that the average cost of going through a bank sale to the homeowner is 55K? That is a year’s wages for the average Canadian…before taxes! Losing your home to the bank is a scary proposition. Here is how we can avert disaster and get your home back from them. The Bank Called…They
It may come as a surprise if you are in the middle of a five year fixed mortgage term. The surprise is that the mortgage industry in Canada has changed. Fundamentally, from the top down and this affects so very many of us in ways we won’t see until we go to make a change
So this is not going to be your typical post! No I am going to give you some of the inside scoop into what happens behind the wizard’s curtain in the mortgage business. The competition won’t like it because your ignorance is their financial benefit. Read on to save money on your Toronto Private Mortgage
The home is damaged, the hours cut back, the money ran out way before the month…for whatever reason you need to borrow money! The problem is that generally speaking when you need money the bank says NO! What happens in these situations can be truly discouraging if you don’t know what to do next. Well
I get a lot of phone calls these days. They go something like this: “What is your best interest rate for a five year fixed mortgage?” Sounds like a valid question. And yet there is so much more than meets the eye. Although the interest rate you secure for your mortgage is important – I
Would you be surprised to learn that a private mortgage can be a great benefit to a mortgage borrower? I am not even just talking about the monthly improvement in cashflow from consolidating higher interest debts. There are powerful reasons to consider the role of a private mortgage as a tool in your borrowing options.
It almost seems these days that the options for borrowing money are endless. Everyone from your local bank to the pawn shop on the corner is offering you money at all kinds of different interest rates and repayment terms. Is it any wonder then that a surprising amount of Barrie residents are confused when they
The month of April saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has dropped once more. The prime lending rate dropped in January for the first time in five years – this will lower interest rates on variable mortgages and home equity lines of credit. Here is
Your credit sucks with a capital S! There are no ifs, ands, or buts on this point. Life has kicked you around and left you with bruises of the credit kind and it hurts. All of a sudden you seem to hear radio ads galore tempting with an easy out – a “quick” and “easy”
The month of March saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady. The prime lending rate dropped in January for the first time in five years – this will positively affect interest rates on variable mortgages and home equity lines of credit. Here is
The month of Febuary saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has dropped slightly. The prime lending rate dropped in January for the first time in five years – this will positively affect interest rates on variable mortgages and home equity lines of credit. Here is
I get many a call lately from people who were turned down by their bank. The call goes something like this. What kind of interest rate can I get for a private loan in Barrie? This is a great question however it is not easily answered without a number of other questions being answered first.
There are few things in life that create stress like financial pressures! Sleep is elusive, relationships strained, it is enough to cause you physical ailments. We all appreciate the people in our lives who assist us with getting clarity around our most important areas of life. As part of a great Ontario Mortgage Brokerage I
When was the last time your bank did something quickly for you? I know – you are scratching your head right now. The temptation is to either wait out the endless drag before they let you down by declining your loan application. Or worse – the time it takes causes your situation to worsen and
It was a horrible place to find themselves in. The debt had been manageable up until the fall and then “Sherry” got her hours reduced. When more month than money became too unbearable they reached out to their local Bankruptcy Trustee. This led to a consumer proposal and short term relief from the family’s financial
The month of December saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best
Well we are at it again! Canadians are carrying more unsecured consumer debt than ever before. We are just doing it with a little more finesse. I translate that to less dollars per month to pay for more borrowed dollars. A dangerous long term combination for those who can’t foresee how they are going to
It can be argued back and forth about what the best feeling is in the world. A common favorite though is  – relief. The dictionary defines relief as – a pleasant and relaxed feeling that someone has when something unpleasant stops. This is also a very common feeling for my clients when we successfully restructure
If only life could be like the movies of our youth. Mom and Dad never fight and the conversations around the dinner table are about weekend plans instead of unpaid bills. Alas reality can be far from rosy. The details of your dinner time conversations are your own however they can be improved in short
When you need a significant amount of money in a pinch – what do you do? The bank somehow can smell your need and kindly shows you the door. Your pride is not going to allow asking family or friends for help because you can do this. So what are the options? Barrie Private Loan
The month of October saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has not changed. The prime lending rate remains constant as well – keeping interest rates on variable mortgages and home equity lines of credit unchanged. Here is what you need to know for your best
They say the devil is in the details! Well I don’t want that character anywhere in the mortgage loans that I arrange. This is not the case with a surprising amount of the private lending contracts I have given a second opinion on. Unscrupulous lenders and greedy middlemen add verbiage that should make a forked
Ever wonder what happened to your friend who lost his job? How about the neighbor down the road who lost their spouse to cancer? Life keeps going after these tough circumstances. In picking up the pieces there are times when you need money now – not next week and the options are few at times.
When a Barrie resident finds themselves in a situation where their debts have become overwhelming there are very few real options to improve their lot. You will find claims everywhere of ways to cut your debts and be able to pay back pennies on the dollar of what you owe. Don’t believe it! There is
A most tired refrain echos through my office these days. It goes something like this – My husband and I got into financial trouble and the bankruptcy trustee strongly suggested we file a consumer proposal. The reason it brings a fatigued look to my face is that in most cases it is not necessary. In
We tend to think small when we consider our own personal financial problems. What I mean is that we consider the small and confined pre-determined options that the banks have made popular as our only potential solutions. Funny when the information age has presented all sorts of new methods to solve financial problems. Online crowdfunding
I know, I know – interest only loans are dangerous to the Canadian public. Or so we have been led to believe by the government and mainstream media and there are concerns that are legitimate. However would you be surprised to learn that there are many cases where a short term interest only loan was
We live in a world where borrowing results are hard to find through traditional channels. Banks cause delays through multi-layered department bureaucracy that leaves you with a decline to your loan after weeks of waiting. There is an alternative and here at Mortgage Truth we are your answer when you need a quick private money
Sometimes not getting a timely liquid injection into your business is ultimately the biggest financial mistake a traditional business can make. The cost of delaying investment in talent, infrastructure, or missed seasonal sales can mean the difference in being in business this time next year or not. So was the case with ‘Arthur’ – a
Life threw you a curve ball and you struck out! Now what? Do you lay down and let the bank take your home? Allow the bankruptcy trustee to guilt you into a consumer proposal? NO! The way to stave off financial ruin is to get an emergency mortgage and get your life back on track!
Your credit sucks with a capital S! There are no ifs, ands, or buts on this point. Life has kicked you around and left you with bruises of the credit kind and it hurts. All of a sudden you seem to hear radio ads galore tempting with an easy out – a “quick” and “easy”
Canadians are very comfortable carrying consumer debt. So much so that recently we set new highs. But what happens when that bump in the road comes along and we start being unable to make those minimum payments? Considering consolidation should not be a last resort as the media has shamed us into thinking. Here are
We all hate debt! But the fact of the matter is that Canadians are more indebted than ever in our history. So we all know that the debt problem isn’t going away any time soon. The real question is what am I going to do about it? We have been overwhelmed with advertisements for mortgages
I want to give you a behind the scenes peek into what happens when we help you get free from the debt that keeps you up at night. No slick sales gimmicks – just a first hand view of how folks just like you got relief. Here is the raw-uncut account of how ‘Gurjit and
Four years in a row has consumer debt reduction been the #1 financial resolution for Canadians. This according to a poll conducted for CIBC. The fact that there is no positive change here begs the question: What are we doing wrong? If we can’t clarify the reasons – we won’t be able to make the
The world of mortgages has never been more complicated as it is today. New rules, collateral charges, and information overload via the internet has made things ever more difficult for the layman. As much as the age of access to information has empowered us to a new level – there has also never been more
So you have bruised credit and do not have a lot of time to address the issues. Here are five – count em’ – five quick changes you can make today to improve your credit immediately. Stop Fighting Your Phone Company This is the most common reason why many Ontario residents have damaged credit. Rogers
A home equity loan in simple terms is when you borrow an amount of money that is part of the marketable value of your property. This is secured against the home itself which provides lower interest rates and flexible repayment terms. What is not so simple today is the form that a home equity loan
The US financial crisis has given the term “Subprime” a bad name. The truth of the matter is that this is an institutional loan for those who don’t qualify for the bank’s best mortgage products. This covers everyone from self employed business owners who don’t desire to disclose all of their intimate details – to
So you are browsing the web for a good Debt Consolidation Calculator but you feel lost in the financial complexity of it all. I understand where you are coming from. The answers provided from entering a few numbers seem promising. Then you actually reach out to the bank and not is all that it seemed
So there was a bump in the road of life and you are left with a personal financial crisis to solve. The job or lack there of has left you in a pinch and your bills keep calling out to you at 3am. You are not alone in wondering what to do. A surprising amount
So you want to buy a home but your credit hasn’t been a priority over the last few years. You’ve been to your bank and left with a feeling of rejection. You need to get a quick crash course in credit rebuilding and here is where you will find it. Come on! Credit Missing In
You are searching for the best darn – lowest rate mortgage available and don’t care if you have to get every bank to beat each other to death with a club to achieve it. Good – that’s right good. Welcome to the minority of Canadian mortgage holders who actually force the banks to compete for
You Are Richer Than You Think! Well that is one bank’s way of saying it (although the only people they have made rich have been their shareholders). The truth is that there is a way to save yourself a considerable amount of money – that’s hard earned after tax dollars I’m talking about. It is
Ever wanted to go behind the scenes and find out how the banks and other lenders – even mortgage brokers – are treating your credit situation? Want to find out what they think and are saying about you when you have left their office? Well I know and am ready to tell all (YOU ARE
The month of May has shown a holding pattern in the Bank of Canada’s overnight lending rate and pressure in the bond market is looking to send fixed mortgage interest rates up. Here is what you need to know for your best June mortgage today: Bank Of Canada Rates Qualifying Rate: 5.14%                 Prime Rate: 3.00%
Would you be surprised to learn that a private mortgage can be a great benefit to a mortgage borrower? I am not even just talking about the monthly improvement in cashflow from consolidating higher interest debts. There are powerful reasons to consider the role of a private mortgage as a tool in your borrowing options.
So you need money and don’t get paid until the end of the week. You’ve tried the bank and they have turned you down based on your credit. The only solution that you can see is another payday loan. Well not true if you own your home. Then there are options. But what is the
The past month has yielded some excellent results for borrowers in continued historic low interest rates as well as strong competition in the mortgage marketplace. I will provide you with a breakdown of what is affecting rates and more info on some of the best mortgage products available today. Bank Of Canada Lending Rates First
When a Canadian finds themselves in a situation where their debts have become overwhelming there are very few real options to improve their lot. You will find claims everywhere of ways to cut your debts and be able to pay back pennies on the dollar of what you owe. Don’t believe it! There is only
Your credit score is one of the most misunderstood financial tools we have access to as Canadians. What is worse is the misinformation being passed around by pseudo experts. Many of us have gotten into credit trouble at one point or another along the road of life. Here is how to get out of it
Well despite the frosty start to April and a supposed spring – there is no doubt that things in the mortgage industry have thawed quite nicely. In fact – I would go on to say that we are now entering another spring market where fierce competition with mortgage interest rates or the coined “Rate Wars”
We all want to pay off our mortgage early. Like today if possible. Well I will tell you from extensive experience that the bank’s mortgage payment calculator is not going to get you there earlier like they are advertising. Why you may ask? Because they have a good reason to keep you inside the mortgage
I want to give you a behind the scenes peek into what happens when we help you get free from the debt that keeps you up at night. No slick sales gimmicks – just a first hand view of how folks just like you got relief. Here is the raw-uncut account of how ‘Greg and
Ah the life of a successful self employed business owner – lower taxes, setting your own hours, unlimited income potential. But then you apply for a mortgage and BAM! Declined at your bank. Ouch. All the things that work to your favour are against you when you try to qualify for a debt like your
Three years in a row has consumer debt reduction been the #1 resolution for Canadians. This according to a poll conducted for CIBC. The fact that there is no positive change here begs the question: What are we doing wrong? If we can’t clarify the reasons – we won’t be able to make the changes
When was the last time you heard some good news about your RSPs? It has been a long time and with the state of the global economy the way it is – I wouldn’t hold my breath on things getting better any time soon. So what can we do? Here is a less known but
Sometimes you just have to get back to basics. With all the noise in the media and seemingly constant and significant changes to the mortgage industry in Canada, it is easy to forget what is and is not possible these days. I am going to keep it simple here and cover off what you still
They say that in the information age that knowledge is power. But even in the information age having access to unlimited information including mortgage calculators can make things more confusing than less. The way the bank’s mortgage calculator is set up can mislead and even provide bad mortgage advice if left in the hands of
What is every Canadian family’s dream? To pay off their mortgage and be debt free. Unfortunately the trends are flying in the face of this logic as more and more Canadians are accessing their equity in retirement through reverse mortgages. For better or worse, this mortgage product is here to stay and needs to be

A Barrie Home Equity Loan Guide

A home equity loan in simple terms is when you borrow an amount of money that is part of the marketable value of your property. This is secured against the home itself which provides lower interest rates and flexible repayment terms. What is not so simple today is the form that a home equity loan

Benefits of Barrie Private Mortgage Loans

Would you be surprised to learn that a private mortgage can be a great benefit to a mortgage borrower? I am not even just talking about the monthly improvement in cashflow from consolidating higher interest debts. There are powerful reasons to consider the role of a private mortgage as a tool in your borrowing options.
The options available to Canadians in financial trouble today are to approach a Debt Settlement company who will negotiate your amounts owing lower. Or you could approach a bankruptcy trustee who will prepare a consumer proposal to make structured payment to those you owe over time. Finally, there is a simple debt consolidation in which
So you find yourself trapped in a vicious monthly cycle of borrowing from one credit card to pay another. Your minimum payments are exceeding your budget available and the collection agency’s phone calls are leaving you with sleepless nights. Plain and simple, your debt is crushing you. The options available to Canadians to fix this