Avoid More Debt! Simple Tips To Help You!

Re-Financing a Mortgage In Consumer Proposal:

Re-finance of Consumer Proposal

You might be in the midst of a Consumer Proposal, but there may be a way to shorten the time required to pay it out and begin building your credit again. TDFS is a division of Toronto Dominion Bank. They have recently launched a mortgage option for those who are in a Consumer Proposal and have paid as agreed for a 1 year term.

The Mortgage will allow clients to refinance their 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. TDFS (Toronto Dominion Financial Services) 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 TDFS 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!

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Avoid More Debt! Simple Tips To Help You!

With the growing concerns of Canadians accumulating too much debt we found some tips to help you stay out of financial difficulty. The site we found is a Government Of Ontario site and the tips are in line with many of the ideas we shared in our “Get Control Of Your Debt Series" in January.

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1 Get All Your Bills Together

2 Create A Budget

3 Generate A Little Bit More Income

4 Only Use Cash, No Credit Cards

5 Plan For Major Expenses

6. Don’t Wait Until Your Credit Is Impaired

Bad Credit is like a cold, it can be treated and before you know it your credit score will be better. Think of “Your Durham Region Mortgage Doctor” as your “Good Credit" health care providers! Call us today feel better soon. Contact us right now!