Debt Consolidation Mortgage Using Home Equity

Debt Consolidation Mortgage BCA debt consolidation mortgage allows home owners with home equity to refinance their home to up to 80% Loan to Value. “Conditions Apply. Call for More Details”

What Banks & Other Lenders offer Debt Consolidation Mortgages?

Most banks, Credit Unions & Alternative mortgage lenders offer debt consolidation mortgages. Using a BC Mortgage Broker allows home owners to obtain sound advise from trusted professionals.

Banks & credit unions have income and credit worthiness (debt service ratios) and other guidelines to follow. They allow refinance up to 80% ltv (loan to value).

Alternative mortgage lenders also offer debt consolidation mortgage financing. Home equity is their primary focus, so your credit and income are not an issue. Home Equity lenders offer refinance up to 75% ltv (loan to value) usually in major centers.

What does debt consolidation help with?

The primary focus of a debt consolidation mortgage is to improve cash flow and improve credit. This is done by consolidating all your higher rate credit cards and other loans into one low monthly payment. Debt consolidation mortgages are usually an interest only payment “the lowest payment options available”.

How does a Debt Consolidation mortgage improve credit?

A debt consolidation mortgage improves your credit by allowing you to pay off or pay down all your revolving credit. Your credit bureau has many components to the algorithm that populates a credit score. A few of the components work as follows:

  • A balance over 50% of your accounts limit lowers your credit score over a few months
  • A balance at your accounts limit lowers your credit score over a few months
  • Late or missed payments lower your credit score
  • Many open accounts lower your credit score.
  • Files in Collections lower your credit score

By taking care of all these issues your credit score can improve significantly in as little as 3 months.

Can I use a Debt Consolidation Mortgage to Payout Lien & Judgments?

A debt consolidation mortgage through an equity lender can be used to pay all sorts of debts including liens judgments and more. 

What’s required to get approved for a debt consolidation mortgage?

To get approved for a debt consolidation mortgage in BC we must first consider if you qualify at a bank / credit union or alternative mortgage lender.

Documents required:

For Alternative Debt Consolidation Mortgage:

For Bank & Credit Union

  • Online Application
  • Client Agreement (will be emailed)
  • Current mortgage statements
  • Appraisal

Salaried job:
Letter of employment which outlines at minimum the following: your job title, time on job, your pay (salaried or guaranteed hours plus hourly rate), signed by Human Resources or your direct boss, dated, and on company letterhead. Make sure the signor of the letter has included their contact information.
2.    Recent paystub in last 30 days
3.    If commission, bonus, or overtime income is needed for qualification, then please supply 2016 and 2017 T4s (or applicable years)

Self Employed – Sole Proprietor
4.    2016 and 2017 T1 General Tax Returns. (or applicable years) We need all pages of the return including the Statement of Business Activities for the same years
5.    2016 and 2017 Canada Revenue Agency Personal Notice of Assessments to confirm income filed with the government and income taxes paid up to date (or applicable years)

Self Employed – Incorporated Business
6.    Most recent 2 years of company financials
7.    2016 and 2017 T1 General Tax Returns.  We need all pages of the return (or applicable years)
8.    2016 and 2017 Canada Revenue Agency Personal Notice of Assessments to confirm income filed with the government and income taxes paid up to date (or applicable years)

Debt Consolidation Mortgage Using Home Equity

Debt Consolidation Mortgage BCA debt consolidation mortgage allows home owners with home equity to refinance their home to up to 80% Loan to Value. “Conditions Apply. Call for More Details”

What Banks & Other Lenders offer Debt Consolidation Mortgages?

Most banks, Credit Unions & Alternative mortgage lenders offer debt consolidation mortgages. Using a BC Mortgage Broker allows home owners to obtain sound advise from trusted professionals.

Banks & credit unions have income and credit worthiness (debt service ratios) and other guidelines to follow. They allow refinance up to 80% ltv (loan to value).

Alternative mortgage lenders also offer debt consolidation mortgage financing. Home equity is their primary focus, so your credit and income are not an issue. Home Equity lenders offer refinance up to 75% ltv (loan to value) usually in major centers.

What does debt consolidation help with?

The primary focus of a debt consolidation mortgage is to improve cashflow and improve credit. This is done by consolidating all your higher rate credit cards and other loans into one low monthly payment. Debt consolidation mortgages are usually an interest only payment “the lowest payment options available”.

How does a Debt Consolidation mortgage improve credit?

A debt consolidation mortgage improves your credit by allowing you to pay off or pay down all your revolving credit. Your credit bureau has many components to the algorithm that populates a credit score. A few of the components work as follows:

  • A balance over 50% of your accounts limit lowers your credit score over a few months
  • A balance at your accounts limit lowers your credit score over a few months
  • Late or missed payments lower your credit score
  • Many open accounts lower your credit score.
  • Files in Collections lower your credit score

By taking care of all these issues your credit score can improve significantly in as little as 3 months.

Can I use a Debt Consolidation Mortgage to Payout Lien & Judgments?

A debt consolidation mortgage through an equity lender can be used to pay all sorts of debts including liens judgments and more. 

What’s required to get approved for a debt consolidation mortgage?

To get approved for a debt consolidation mortgage in BC we must first consider if you qualify at a bank / credit union or alternative mortgage lender.

Documents required:

For Alternative Debt Consolidation Mortgage:

For Bank & Credit Union

  • Online Application
  • Client Agreement (will be emailed)
  • Current mortgage statements
  • Appraisal

Salaried job:
Letter of employment which outlines at minimum the following: your job title, time on job, your pay (salaried or guaranteed hours plus hourly rate), signed by Human Resources or your direct boss, dated, and on company letterhead. Make sure the signor of the letter has included their contact information.
2.    Recent paystub in last 30 days
3.    If commission, bonus, or overtime income is needed for qualification, then please supply 2016 and 2017 T4s (or applicable years)

Self Employed – Sole Proprietor
4.    2016 and 2017 T1 General Tax Returns. (or applicable years) We need all pages of the return including the Statement of Business Activities for the same years
5.    2016 and 2017 Canada Revenue Agency Personal Notice of Assessments to confirm income filed with the government and income taxes paid up to date (or applicable years)

Self Employed – Incorporated Business
6.    Most recent 2 years of company financials
7.    2016 and 2017 T1 General Tax Returns.  We need all pages of the return (or applicable years)
8.    2016 and 2017 Canada Revenue Agency Personal Notice of Assessments to confirm income filed with the government and income taxes paid up to date (or applicable years)