One Stop Mortgage Corp Blog

We say YES when the bank says no to debt consolidation loans!

December 15, 2012 by @OneStopMtgCorp

Debt Consolidation Help

Bank turned you down your debt consolidation loan application?

It’s Christmas time and besides Christmas carols; the main sound we hear is the rhythm of the ring of the cash register, or the beep of the credit card reader.  Shoppers leave stores laden with bags and bags of gifts, quickly spending thousands in mere days.  If they saved up for this expense, they are fine, but if not, the spectrum of debt looms over them when those January bills start to roll in.  It’s so easy to do.  We find the perfect gift, forget our budget and think, “I’ll pay for it later!”  But when the stress of January comes with going back to work and waiting in anticipation for our credit card bills to come in, reality sets in.

Canadians owe a lot of money.  Just days ago, Stats Canada reported that household debt ratio to annual disposable income reached a new high of 164.6%! (see Canadians are carrying more debt than ever before) So the average household in Canada now owes more than 1 1/2 times its annual income.  This is shocking considering our global economic instability.  Still, people don’t seem to want to talk about or even think about their debt.  Once you’ve become overwhelmed with it and the prospect of losing your home becomes a reality, it is often too late. 

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A Home Equity Loan to Consolidate your Debt

October 27, 2012 by @OneStopMtgCorp

Home Equity Loan for Debt Consolidation

Consolidate your Debt

Alice came to us with a familiar story.  Like many people, she started leaving a balance on her credit cards and paying what she could.  With 18% interest on her cards, the debt soon took control of her life.  She began paying bills after their due date, bounced a cheque once in a while, and took out advances from new credit cards to pay off balances from old credit cards; the stress increased.  She knew she had to pay off her debt and take control of her debt, but couldn’t imagine how to do it and still afford to live. 


Alice took a second job and started to use that money to pay off her many credit cards, but it was still too much to keep track of and too much money went to pay interest.  When she started to feel like she could no longer pay her mortgage and could lose her house, she began to look for help. 


The team of mortgage brokers at One Stop Mortgage Corp were able to help.  They assisted Alice by looking at her finances and suggesting tips to get her financial state back to a healthy position.  Since she owned her own home, the One Stop Mortgage Corp team was able to consolidate all her debt from her multiple credit cards into one easy, lower monthly payment.  Through a home equity loan, Alice eliminated the stress of multiple credit card payments, harassment from collection agencies, and the fear of losing her home.

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Mortgage Refinancing Options

October 20, 2012 by @OneStopMtgCorp

Mortgage Refinancing

Refinancing – What are your Options?

There are times when we need quick access to cash to fund our projects, support our family or get us through tough situations.  What are the most sensible ways to find money?  Many people don’t think twice before borrowing on their credit cards and soon find themselves buried in debts with a poor credit rating. 

There are many options besides credit cards that can help you find money when you need it most.  Fortunately there are excellent mortgage brokers, like the team at One Stop Mortgage Corp, who can provide timely advice and assist you in finding the money you need.

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Bank Turned Down your Mortgage Application? We can help!

October 13, 2012 by @OneStopMtgCorp

instant mortgage approval

Bank turned you down? One Stop Mortgage Corp can get you a fair deal

With interest rates set to rise soon and the mortgage rules changing, getting a fair deal at the bank can be difficult.  Fortunately you can still get help to consolidate your debt, get a home equity loan or qualify for a mortgage with the help of a mortgage broker.

In July 2012, Jim Flaherty announced the end of 30 year amortizations. The government also limited how much homeowners can borrow on the value of their homes down to 80 per cent from 85 per cent.  He announced that the government will no longer insure homes worth more than 1 million – meaning that buyers will have to have a much bigger down payment before buying property (read more at: http://www.huffingtonpost.ca/2012/06/21/canada-mortgage-rules-cha_n_1614622.html). 

This changes the rules for getting and qualifying for mortgages.  It also can make it more difficult to qualify for a second mortgage.

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Consolidate your DEBT

July 11, 2012 by @OneStopMtgCorp
consolidate your debt

Consolidate your Debt with a Home Equity Loan

During the summer our thoughts turn to home renovations, setting up new businesses, taking a family vacation and spending some time away from work.  With the summer sun come beautiful dry days and great opportunities to work outside and finish the projects that you’ve been putting off.  With a home equity loan, you can consolidate your debt and combine your multiple payments into one easy monthly plan.

You can consolidate your debt, save time and money, and manage your cash flow by consolidating your various lines of credit, credit card balances and other loans into one simple monthly payment plan by using a home equity loan.  This allows you to save on interest costs, which gives you more money for your summer projects and provides the chance to pay off your debt by putting more cash into your hands.

 

The Benefits

With debt consolidation, you borrow enough money in one loan to pay off your credit card balances or other loans.  It makes life easier and repayment of loans more possible.

A home equity loan makes it even easier, since you borrow money based on the equity in your house, condo, townhouse or acreage to pay off your debts and replace them with one payment at a lower interest rate.

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Home Equity Loan or Unsecured Line of Credit?

May 14, 2012 by @OneStopMtgCorp

Home Equity Loan

Home Equity Loan or Unsecured Line of Credit?

If it’s time to renovate your home, consolidate your debts into one monthly payment, start a new business, pay for your children’s tuition or borrow money because of a change in your work, it’s important to consider whether to take out a home equity loan or a line of unsecured credit.

Financial surprises come often and we need to be prepared.  It is far better to have a structure in place to borrow money when you need it, than to be unprepared and be forced to take whatever you can get in terms of loan rates, terms and more.

 

Unsecured Lines of Credit

An unsecured line of credit is a loan that you apply for, and the amount you qualify for is based on your income, cash flow and assets.  Interest rates are usually higher, since the loan is not based on any collateral and therefore is a greater risk to the lender.  Once a credit line is set up, the borrower can use it again as he or she pays it back.  Payments can vary, but minimum monthly payments are usually required. 

A credit line can be used to deal with unpredictable financial times and may be useful for people with steady incomes that vary by the month.  So if your business slows down in the summer, for example, a credit line can help you get through the slow months.  For businesses, an unsecured credit line may be useful since it is not based on the company assets.

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