With the recent trend of Canada’s bank increasing mortgage rates and the requirement to pass the “Stress Test” prior to approval, many worthy individuals have been denied mortgages from banks. At Mortgage Assist, we do not believe that just because an individual has been denied by the bank that their pathway to home ownership has ended. Rather, we have a large network of private lenders that will provide the necessary mortgage funds for individuals to purchase a property they can call their own.
First Mortgage to Consolidate Debt/Loans on Existing Property
When an individual already owns a property, a first mortgage can be utilized to consolidate multiple mortgages into one mortgage or to utilize the equity that has built up on the property to pay off costly credit card debt, property tax arrears or to avoid power of sale. Individuals may also borrower more than what is required to pay off existing debt and mortgages so that they can pocket extra funds.
is worth $600,000
You have first
mortgage balance of $300,000
The borrower would be
eligible for a mortgage of $480,000
once their existing
mortgage is paid off,
the borrower will POCKET $180,000
Whatever your situation, the professionals at Mortgage Assist are here to help!