Debt relief options can sometimes be limited to where you live. Homeowners in the greater Toronto area, including in Mississauga, tend to have more mortgage refinancing options than homeowners in rural areas or areas outside of major cities.
Mortgage refinancing is a great choice if you are looking for debt relief options. If you own a home, refinancing your mortgage can offer you debt relief options and flexibility. Mortgages are often less interest than unsecured loans and other forms of debt consolidation. Mortgages also offer a single low monthly payment and enable you to preserve your credit report, credit score and relationships with your creditors.
As a result of aggressive advertising on the part of Bankruptcy Trustees and Debt Counsellors who advertise debt consolidations, many consumers find themselves making debt settlements with their creditors or filing consumer proposals to find debt relief. This can have devastating impacts to your credit report, destroy your relationships with your creditors and limit future financial options. Often consumers think that they are getting a debt consolidation when they do this, but debt settlements and consumer proposals are not debt consolidations.
If you own your home there are often other debt relief options out there that don’t involve debt settlements or consumer proposals that destroy your credit. You may be thinking that you have applied to your bank for a mortgage to consolidate debt in the past and were told no, or that your credit is so bad that no one will offer you a mortgage. This is often not the case.
Mortgage brokers have access to many mortgage financing options outside of the bank. The mortgage centre in mississauga is an example of a super brokerage who deals with many lenders outside of the bank. Super brokers are the most reputable Mortgage Brokers you can deal with. These are not independent brokers. Super brokers like the mississauga mortgage centre are part of a large mortgage broker network and with that comes credibility and accountability. There are over one hundred locations in the mortgage centre franchise.
Through super brokers like the mississauga mortgage centre you can obtain mortgage financing through lenders like finance companies, trust companies, credit unions, mortgage investment corporations and private lenders. These lenders are not as strict as the major banks and will often grant financing to an individual who has some past bad credit or difficulty proving their income.
Proceeds of a mortgage refinance can be used to pay off credit card debt and start fresh with a single low monthly payment. This is a debt relief option that can not only provide you with a fresh financial start but can also enable you to rebuild your credit as opposed to destroying it.
When refinancing your home, discuss all of your financial options with your Mortgage Broker. Mortgage refinancing can provide a lot of financial flexibility. Choices could include a new first mortgage, a second mortgage or a personal home equity line of credit – all of which are good debt relief options to deal with debt.