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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Prudent Financial

Prudent Financial has been providing access to credit for those who have experienced financial difficulties in the past. They offer a number of solutions to help you re-establish credit. You have the option to apply on-line for Car loans, and unsecured personal loans.

Loan amounts

Unsecured personal loans up to $300.00 to get you started
Up to $15,000 with paid-off vehicle, 6 years or newer, fully insured, no liens
Up to $15,000 on any car from a dealer of your choice or from our dealership--Prudent Value Cars

Prudent services

Pre-qualify on the phone before coming
No upfront fees -- Open loans -- Fast same day loans
Deferred payments up to 2 weeks -- No charge if called 2 business days before payment date
Electronic transfer of funds for out-of-town customers after 1st visit to office

Rebuilding credit-Prudent's most serious service commitment

Prudent reports regularly to Equifax. When you pay your Prudent loan on time, Prudent gives you the highest credit rating--I1.
Prudent will hold your payments - free of charge for up to 2 weeks if you call us 2 business days before the payment date. In this way, Prudent protects your credit rating and you avoid hefty NSF charges. Not enough cash in your bank account?

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