You may have heard this before, but borrowing money against your home without a plan – is a bad plan. That is certainly true when looking at taking a second mortgage out on your home.
Luckily for you with Freedom Lending we only develop second mortgage options with a solid plan in mind and we show you how to refinance your past due property taxes or mortgage arrears with a second mortgage all with a strong exit plan in place.
Second mortgages can help you with high interest debts or collections when your credit rating isn’t the best. You can use the equity in your home, regardless of your credit rating to put an end to collection calls, demand loans or costly income tax arrears.
In fact, if you have equity in your home we really don’t care what happened to you in the past to put you in your current situation instead we focus on how we can save you from the problems you are facing and rebuild your credit.
We have a simple three step program that has helped many Canadian homeowners just like you get out from underneath the high interest trap and rebuild your damage credit score.
We will show you how to take a second mortgage to pay off your debt load while working towards rehabbing your current situation. Together, we will work towards improving your financial situation, increasing your cash flow and saving you high interest payments with a common goal; make you attractive to the bank again.
Key points to remember when considering a second mortgage:
- Have a plan and borrow based off a solid exit strategy
- While rate is a factor, paying off high interest credit cards (that you are currently only making minimum monthly payments on and not paying down) in one lump sum helps rebuild your credit
- Paying off higher interest debts with one monthly payment helps save your family monthly cash flow
- Pay off your consumer proposal faster and start rebuilding your credit before your next mortgage renewal
- Get debt free faster, pay less interest and rebuild your credit picture in less than a year