Home Trust

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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Need to Re-establish Credit? Want to Consolidate High Interest Debts? –

We my be able to help with a Home Trust Equityline Visa

Benefits to of the Home Trust Equity Line Visa.

With the Equityline Visa you are able to use the equity in your home to secure a credit limit of up to $250,000. You only use what you need within your credit limit. The credit can be used for a variety of things including but not limited to consolidating higher-interest debt, making home improvements, helping with business start-up or operating costs, or even for managing unexpected or everyday purchases. Monthly payments are as low as 0.75%, 1%, 1.25% or 1.5% of your outstanding balance or $10, whichever is greater, and you are able to make additional payments at any time without paying a penalty.

You pay the interest only on the credit you have used. It’s a great way to save money by replacing your high interest bills with one lower monthly payment. There are no annual fees (except in Quebec). A one-time account set up fee will be charged to your Visa account, (except in Quebec). A Legal Fee of approximately $350 to $780 (varies by province) and a title search fee of $35 will be charged to your Visa account.

The convenience of only having to apply once and knowing it is there to be used when you need it. You may access your credit by writing a convenience cheque, using any ATM with a Visa logo, or using your Visa card. Visa is accepted in approximately 600,000 locations across Canada, in more than 150 countries with access to more than 950,000 Automated Teller Machines worldwide.

Since the Home Trust ELV reports to the credit bureaus, it will also be vital to re-establishing your credit, if that is a goal you are trying to reach.

To find out more about the Equityline Visa Program please visit the FAQ’s

Apply Now and start re-building your credit with a Secured Visa Today!

You must enter the following code to your on-line application to start the process. 9252