Toronto Homeowners Qualify For Mortgage Financing To Pay Off Consumer Proposals.

If you are in a consumer proposal and own your home, good credit may be closer than you think. If you have some equity in your home, there are lenders that will consider extending you a mortgage IF the consumer proposal is paid off in the process.

A consumer proposal stays on your credit for 3 years from the date it is paid in full, so the faster you pay it off, the faster it will be off your credit. If you were in a 4 year consumer proposal and made the payments over the full 4 years, the proposal would remain on your credit report for a total of 7 years.

You cannot expect to walk into a bank or finance company, in a consumer proposal and qualify for any credit. Finding a lender that offers mortgage financing to a consumer who is in a consumer proposal will involve a relationship with a good mortgage broker.

Mortgage brokers deal with private individuals and businesses that invest in real estate and are licensed to arrange mortgage on behalf of these private investors. Normally, private investors will only loan money to a consumer who is in a consumer proposal on an equity basis.

In effect, the more equity you have in your home, the more likely you will be to qualify for the mortgage refinancing you will need to pay off your consumer proposal.

If you refinance your home and pay off your consumer proposal, you can begin re-establishing your credit immediately. You can start off by obtaining a secured credit card that will report to your credit report.

Two years after your consumer proposal is paid off and with two years of strong re-established credit, you may qualify for mortgage financing at the bank again! Remember, after 3 years all existence of the consumer proposal will disappear from your credit report.

For more information about qualifying for a mortgage to pay off a consumer proposal. Visit www.firstequity.ca.

Stop a CRA wage garnishment! Your home equity could be the answer.

If you are a homeowner and the CRA is garnishing your wages, there are ways that you may be able to raise the capital to pay off your income tax debt and move forward with your life.

If you have a tax problem you may have gone to an accountant or even a lawyer. The bottom line is if you have a tax debt and you know that you owe the money and simply can't pay it, what you really have is a financial problem.

Those who find themselves in the unfortunate situation of having their wages garnished by the CRA, often experience both financial and personal consequences that include financial hardship and personal embarrassment.  

Many homeowners in this situation don’t think that they have options because they have gone to their bank and as soon as they mentioned that they have a tax debt they were promptly declined for credit.

The thing is, if you own a home you have more options than your bank, before you give up on seeking the funds to pay off your CRA income tax debt.

Consulting a mortgage brokerage that specializes in helping consumers with tax debt is your first step. A qualified mortgage broker in Toronto will be able to access different sources of mortgage funding that include trust companies, finance companies, mortgage investment corporations, private lenders and more.

Depending on your credit, employment type, provable income and amount of equity you have in your home, there are other companies who may lend you money at affordable low mortgage interest rates and flexible mortgage terms.

If you have bad credit or can't prove your income, you will simply require more equity.

Paying your CRA income tax debt in full is by far the fastest and most effective way to stop a wage garnishment, while preserving your credit. For more information about how you can use your home to stop a wage garnishment please visit www.firstequity.ca.