IF YOU ARE A HOME OWNER IN ONTARIO, AND ARE …
Struggling with High Interest Credit Card Debt, Tax Arrears, or Mounting Bills? Feeling Overwhelmed by Financial Stress?
Here’s How You Can Take Control of Your Finances with Cash-Out Refinancing
Dealing with financial stress can be overwhelming, but as a homeowner, you have a valuable resource at your disposal – your home equity. By tapping into this asset, you can tackle your debts, reduce your monthly payments, and secure a more stable financial future. Whether you’re dealing with credit card debt, tax arrears, or other financial burdens, leveraging your home equity can provide the relief and peace of mind you need to regain control.
YOUR MONEY IS ONLY GOOD IF YOU CAN USE IT WHEN YOU NEED IT
LET’S TALK ABOUT YOUR HOME (MONEY) EQUITY
Understanding Home Equity
♦ Home equity is the difference between the current market value of your home and the remaining balance of your mortgage.
♦ As you make mortgage payments or as your property value increases, you build equity in your home.
♦ This equity can be a powerful tool when it comes to financial planning and debt management.
♦ Think of it as a savings account that grows with each mortgage payment you make and as your property’s value appreciates.
♦ Over time, this equity can become a significant financial asset.
Calculating Home Equity
♦ Calculating home equity is a straightforward process. You subtract the remaining balance of your mortgage from the current market value of your home.
♦ This gives you an idea of how much you could potentially borrow using your home as collateral.
♦ It’s important to note that the market value of your home can fluctuate based on a variety of factors including the housing market conditions and improvements made to the property.
♦ The amount of home equity can change as you make mortgage payments and as your home’s value changes, and of course, if you borrow against it.
Accessing Home Equity
♦ Refinancing your mortgage is one way to access your home equity in order to manage your debt better.
♦ This involves replacing your existing mortgage with a new one, which could be larger than the outstanding balance of your current mortgage. The difference would then be paid out to you, to use as needed.
♦ Refinancing can be a good way of replacing high interest debt, like credit cards and other debt, with a new mortgage, thus saving you money with each regular payment.
♦ This can simplify your financial management by consolidating multiple payments into one, as well as saving you money on interest by consolidating your high-interest debts.
To access your home equity, click on the APPLY NOW button anytime to get started.
Once we receive your application, we’ll contact you to confirm details before processing your application.
Here Are the 3 Ways We Can Help You
First Mortgage Refinancing
♦ First mortgage refinancing involves replacing your existing first mortgage with a new one.
♦ The new mortgage pays off the existing one, and the remaining amount after paying off the first mortgage you can use as you see fit.
♦ This can be a good option if you have a significant amount of home equity and want to consolidate your high-interest debts into a single, lower-interest payment.
Second Mortgage
♦ Obtaining a second mortgage involves taking out a second loan, in addition to your first mortgage, against the equity in your home.
♦ Second mortgages usually have higher interest rates than first mortgages, but they can still be lower than credit card interest rates, making them a viable option for paying off high-interest credit card debt.
Home Equity Line of Credit (HELOC)
♦ A Home Equity Line of Credit (HELOC) is a type of credit that homeowners find attractive as it enables them to utilize their home’s value.
♦ Essentially, a HELOC converts your home’s available equity into a flexible credit line.
♦ It serves as a financial instrument that can supply the necessary funds whenever needed.
To benefit from a first or second mortgage or HELOC, proceed to the secure application form by clicking the button below.
We will contact you before processing the application to ensure everything is in order.
THE IMPACT OF DEBT
The Impact of Debt on Financial Health
♦ Carrying a high-interest debt can have a significant impact on your financial health.
♦ It can lead to lower credit scores, increased financial stress, and reduced future borrowing ability.
♦ It’s important to understand these impacts and to take steps to manage and reduce your debt.
The Psychological Impact of Debt
♦ Debt can have a significant psychological impact. It can cause stress, anxiety, and even depression.
♦ These psychological effects can affect your quality of life and even your physical health.
♦ Managing your debt effectively can help reduce these psychological impacts.
Step-by-Step Process for Using Home Equity to Pay Off Your Deb
1. The first step is to calculate your total debt, and how much of it you need to pay off.
2. Then you will need to submit an application.
3. Your broker will guide you through the steps including the documents required.
4. Most likely an official appraisal will be performed to confirm the value of the house.
5. Complete the legal paperwork with a lawyer and receive your funds.
♦ The whole process from application to funding can take anywhere from couple of weeks to about a month.
♦ Once you’ve been approved for your refinance, and funded, you can use it to pay off your debts.
♦ This can simplify your debt management as you’ll only have one payment to manage.
Money is only good if you can use it when you need it. With cash-out refinance you can turn your home’s equity into CASH to pay off your debts.
After all, it’s your money. Click on the APPLY NOW button to get started.
Once we receive your application, we will reach out to you to confirm the details and answer any questions you may have. Rest assured, we will not process your application until we have spoken with you first to ensure everything is in order.



Services provided by TheBroker.ca Ltd.
(519) 252-9665
Licence #13545. OAC. E&OE.