Use the equity in your home to re-establish your credit
Jennifer Verbejus
Oct 15, 2019
Life events can happen forcing some to have to take drastic steps to reset their financial situation. Many individuals take the route of a consumer proposal as one such step. While in the short term this may have a negative impact on your credit history, homeowners can tap into the equity in their home to repay quicker the consumer proposal and start the process to re-establish their credit. Keep in mind that traditional lenders require that a client must be discharged 2 years from their consumer proposal or bankruptcy, as well as having 2 active lines of credit on the credit bureau for at least 24 months before being able to apply for a mortgage.
During the past number of years property values have increased sharply and in many cases homeowners now find themselves with additional equity to be able to work with.
Those who have made a consumer proposal in the past can use this additional equity to pay back their consumer proposal faster. They need to team up with their mortgage broker and a private lender to refinance and take out some equity.
“It has been said that rising tides lift all boats, and that is certainly the case with the real estate market recently”, says Peter Galli, president of PENTOR Finance. “The providential rise in home value has been a game changer. It creates new opportunities for homeowners who wish to re-establish their credit faster.”
The kind of creative refinancing required to take advantage of this opportunity is not found with banks and other traditional lenders. It is a situation where one needs the flexibility of a private lender as well as the sound advice of their mortgage broker.
“Whether you have made a consumer proposal 45 days or 48 months ago, you can take advantage of this refinancing solution and get discharged earlier”, says Galli. “You only need the private mortgage long enough to restore your credit and then move on to more conventional solutions.”
It all starts with a call to your mortgage broker. They know private lenders who are willing to refinance your home while taking into account the increase in market value.
“Home owners who wish to speed up their credit recovery should call their broker right now and ask them about private refinancing”, says Galli. “Even those who have filed for personal bankruptcy may be able to benefit from this golden opportunity.”
Don’t wait any longer, call a member of team RLH immediately for more information on this and other mortgage solutions at 514-295-5676
Bureau: (514) 295-5676
jverbejus@planipret.com
1545 de l’Avenir, suite 220
Laval, Québec H7S 2N5
During the past number of years property values have increased sharply and in many cases homeowners now find themselves with additional equity to be able to work with.
Those who have made a consumer proposal in the past can use this additional equity to pay back their consumer proposal faster. They need to team up with their mortgage broker and a private lender to refinance and take out some equity.
“It has been said that rising tides lift all boats, and that is certainly the case with the real estate market recently”, says Peter Galli, president of PENTOR Finance. “The providential rise in home value has been a game changer. It creates new opportunities for homeowners who wish to re-establish their credit faster.”
The kind of creative refinancing required to take advantage of this opportunity is not found with banks and other traditional lenders. It is a situation where one needs the flexibility of a private lender as well as the sound advice of their mortgage broker.
“Whether you have made a consumer proposal 45 days or 48 months ago, you can take advantage of this refinancing solution and get discharged earlier”, says Galli. “You only need the private mortgage long enough to restore your credit and then move on to more conventional solutions.”
It all starts with a call to your mortgage broker. They know private lenders who are willing to refinance your home while taking into account the increase in market value.
“Home owners who wish to speed up their credit recovery should call their broker right now and ask them about private refinancing”, says Galli. “Even those who have filed for personal bankruptcy may be able to benefit from this golden opportunity.”
Don’t wait any longer, call a member of team RLH immediately for more information on this and other mortgage solutions at 514-295-5676
Bureau: (514) 295-5676
jverbejus@planipret.com
1545 de l’Avenir, suite 220
Laval, Québec H7S 2N5
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