Hello,
I came across this great way where a CDIC insured bank in Canada consolidates all your loans into one including your mortgage. The way it works is Instead of having a separate mortgage, chequing account, savings account, line of credit, and assorted banking products – all at different interest rates and all with different fees – you have one simple “chequing and borrowing” account.
All of your debt is consolidated at one low rate of interest, which means, immediately, you could start saving on interest costs
Then, you simply use the account as you would any regular chequing account, with a debit card, cheques, pre-authorized withdrawals, and so on. Now, every time you get paid your income immediately lowers your debt and continues to save you interest until you need to use your money for something else.
The bank gives you 75% of your house's current value as a line of credit The interest rate that it applies is a simple interest which is at the prime rate. So this way you pay up your mortgage much faster than the traditional way as any cash that you deposit immediately reduces your mortgage total and plus there is just one account that you need to manage.
For more information please feel free to send me an email or a private mail.
Quote:
Originally posted by PinkPetals
Hello,
I came across this great way where a CDIC insured bank in Canada consolidates all your loans into one including your mortgage. The way it works is the bank gives you 75% of your house's current value as a line of credit which in most of the cases is enough to cover your mortgage and most of the other loans that you have. The interest rate that it applies is a simple interest which is at the prime rate. So this way you pay up your mortgage much faster than the traditional way and plus there is just one account that you need to manage. For more information please feel free to send me an email or a private mail.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
If you have equity in your home and you qualify by way of income and credit, every bank would give you up to 75% of the value of your home and you can pay your high interest rates credit cards and other loans. You can have either a mortgage or a secured line of credit.
Are you saying that this bank would give you up to 75% of the appraised value of your home with out qualifying you based on your income and credit? If that's the case then it can certainly help people those who have built up equity in their homes but do not qualify based on their income and or credit.
However, generally the problem is that people do not have equity in their homes and have other loans and credit cards at high interest rates. Not many people have paid down their mortgages to such an extent that they have more than 35% or 40% equity so that they can combine all loans by refinancing in to one mortgage or secured line of credit for up to 75% appraised value of their home.
We don't allow advertisting on the forum, which is what this comes across as.
If it is not, PM me and let me know the details along with yours (I'd like to know whether you work for this bank)...and I'll decide whether you can continue with this thread or not.
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