Are You In Consumer Proposal
If you are in the midst of a Consumer Proposal, there is a way to shorten the time required to pay it out and begin building your credit again. Mortgage Intelligence has several Lenders that will offer you a mortgage if you are in a Consumer Proposal and have paid as agreed for a 1 year term.
The Mortgage will allow you to refinance you home (provided they have equity) and pay out the remaining Consumer Proposal. The greater benefit is that the new mortgage would report to the credit bureau and aide in the restoration of a clean Beacon Score. Our Lenders will consider the 1 year of repayment of the Consumer Proposal as re-established credit for the purposes of obtaining the refinance.
Instead of taking 3 or 5 years to pay a Consumer Proposal in full, the time could be reduced to just 1 year. While the interest rate is higher than a traditional mortgage, the rebuilding of credit and completion of the Consumer Proposal is off set by leaving the Proposal behind and having a fresh start. At the end of this new mortgage, a client should have clean credit and be able to apply for a competitive mortgage through a national lender without higher rates or the possibility of being declined for financing.
If you are in this situation, please contact us today and find out if we can assist you!
If you’re discharged from a Bankruptcy or Consumer Proposal, you’ve paid your dues, it’s time to let “ The Mortgage Doctor” help you get approved for a mortgage and get the home you deserve! We’re here to help! Contact us now using the handy form below!