debt consolidation

Debt Consolidation and your mortgage

Debt consolidation is the process of paying off debts by putting them into one loan payment. The new loan is more manageable and often at lower rate of borrowing. One may merge all types of debt. including mortgages, consumer debt, tax arrears, bad debt and collections.

Consolidation allows the borrower to ” clean up” their current credit. It provides with a fresh start, and lowering they monthly payment. Consolidation is a good way to to regain control and help to improve credit.

Are you looking to consolidate your debts?

What does a debt consolidation mortgage look like?

debt consolidation example

debt consolidation advantage

Below are examples of debts to merge:
  • Credit cards, loans and interest only line of credits
  • 1st ,2nd and more mortgages or liens registered against your property
  • CRA ( Revenue Canada Tax Liens) or wage garnishments
  • Unpaid property tax
  • Judgements
  • Personal debts not reported on credit bureau
  • Collections and written off debts
What type of mortgages qualify for debt Consolidation?

We can set up a new 1st mortgage or 2nd to merge all your debts .

  • Equity Second Mortgage

An equity 2nd mortgage makes sense when there may be no benefit to pay off our current 1st mortgage.  In this case a 2nd mortgage is ideal.  It is quick and funds accessed with ease regardless of  income or credit.

  • Equity Line of credit

This is a good alternative to a 2nd mortgage because you can access funds over again as you pay down you line of credit.  Once set up it will serve the homeowner for many years.

  • Rates

Mortgage rates depend on one’s credit.  They are similar if you are buying, refinancing, or consolidating.

For borrowers with good credit, they will enjoy our best bank rates, just as if you were purchasing.

2nd mortgage rates and pricing differ from 1st mortgage.  2nd mortgages carry a higher rate because of they pose a higher risk to investors.

We would be happy to discuss your consolidation needs.

Please email or contact us at 1-877-237-2601

What would you like to do next?


PURCHASE PRE QUALIFIER

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OUR B LENDING RATES

Guide to our bad credit mortgage rates

FIRST TIME HOME BUYER SPECIAL PROGRAMS

RMA Mortgages offers first time home buyer special mortgage programs to qualified borrowers. Click the links below for more information.
  • Mortgage for Self Employed Individuals
  • Mortgage for New Canadian Immigrants
  • Mortgage for Canada Non-Residents

MORTGAGE RATES

PAY OFF YOUR CREDIT CARDS!

Special 2nd mortgage rate 4.99%!
Conditions apply Oac

2ND MORTGAGE RATES

LTV %RATE
<65%5.99%
65%6.99%
75%7.99%
80%8.85%
85%Please call

2ND MORTGAGE?

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