Some people find it difficult, and even overwhelming, when they have high-interest debt. However, there are options for homeowners who want to combine the balances you owe into one consolidation mortgage or home equity line.
EXPLANATION OF DEBT CONSOLIDATION
Debt consolidation can merge your multiple loans into one single debt. The term of a debt consolidation mortgage is longer with a low-interest rate that helps you pay off various debts at once.
When you choose to consolidate your debt, we form a new mortgage for your total amount owed. Debt consolidation is helpful for high-interest loans, such as credit cards.
INCREASED CASH FLOW
A mortgage can be a great way to pay off high-interest debts such as loans and credit cards. You can utilize mortgages for up to 30 years, which means you’ll make lower monthly payments. Also, it provides more cash flow in the long run! Consult one of our experts to decide if consolidating your debt is the right choice.
REQUIRED DOCUMENTS FOR YOUR MORTGAGE
Current employment status and income amount as:
- Copy of current payroll.
- Proof of current electronic deposited pay.
- Associated Notice of Assessment (NOA) & T1 General.
- Additional income sources (if any).
- Prior employment status (if required).
- A List of your current assets and obligations.
- Bank account alongside transit number for payments.
- CIBC Pre-approved Mortgage Certificate (if valid).
- Statement of investments from within the latest 90 days or savings.
- Withdrawing an amount from RRSP through Homebuyer’s Plan (if valid).
- Gift letter.
- Copy of the sale agreement of a sold current asset.
- A copy of the real estate listing.
- A copy of the sale agreement and accepted purchase.
- Full address of the property (legal description and postal code).
- Tax estimates of the property, heating costs, and condo fees (commonly, you may find these details on the real estate listing).
- Well and septic certificate regarding rural properties.
- Lawyer’s full details (name – address – telephone and fax number – postal code).
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