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There are many ways to get your consolidation
loan in Canada. Refinancing is one way to get consolidation loans in
Canada. Refinancing is the process that pays the existing mortgage
and/or any other legal claims against the property and
sets-up a completely new mortgage(s).
With a Canadian
consolidation loan,
if your monthly bills have gotten out of control, you
might be able to refinance your home and pay them off. The
advantage of doing this is to lower your total monthly
payments.
Another way for a Canada
home mortgage loan is this. If
you have two mortgages on the same property, you can
combine them into a new first mortgage, as long as the
total amount does not exceed 90% of the value of the
property. If the new mortgage is over 75% of the value of
the property, normal CMHC/GE Capital premiums and
guidelines apply. An
with a Canadian
loan,
one thing to remember here is that only outstanding
amounts can be combined - any discharge penalties and
costs must be paid separately at closing (please note that
we have cash-back programs to help with these penalties).
Even if
you think your case is "impossible", don't
worry. Bob Buckham is a Canada
mortgage lender who can make it happen for you.
He has successfully secured consolidation loans for folks
who thought it was impossible.
Another
article of interest is Canada
mortgage northern
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