Frequently Asked Questions

A mortgage is a loan that is used to purchase a property, with the property itself serving as collateral for the loan.

There are various types of mortgages available in Ontario, such as fixed-rate mortgages, variable-rate mortgages, and open mortgages.

To qualify for a mortgage in Ontario, you typically need to have a good credit score, stable employment, and a down payment.

The amount you can borrow for a mortgage in Ontario varies depending on your income, credit score, and other factors.

Mortgage refinancing involves replacing your existing mortgage with a new one, often with better terms or a lower interest rate.

You may want to consider refinancing your mortgage in Ontario if you want to lower your monthly payments, shorten the length of your mortgage, or access equity in your home.

A mortgage pre-approval is a process where a lender evaluates your financial situation and determines how much you can borrow for a mortgage.

The length of time it takes to get a mortgage in Ontario varies depending on the lender and your financial situation, but it typically takes several weeks.

The cost of getting a mortgage in Ontario varies depending on the lender and the type of mortgage, but may include fees such as appraisal fees, legal fees, and closing costs.

To find the best mortgage rates in Ontario, it’s important to shop around and compare rates from multiple lenders. You can also work with a mortgage broker who can help you find the best mortgage for your situation. Contact us for a referral.

Private lending is a type of lending that involves individuals or companies providing loans to borrowers without using traditional banks or financial institutions.

Anyone can potentially qualify for private lending, regardless of their credit score or financial situation.

Private lenders may offer various types of loans, such as personal loans, business loans, and real estate loans.

You can find private lenders in Ontario through online directories, referrals, or by contacting a mortgage broker who specializes in private lending. Contact us for a referral to a mortage broker.

Private lending is typically more flexible and has fewer requirements than traditional bank lending. However, private loans often have higher interest rates and fees.

Private lending can provide access to funds quickly, without the strict requirements and long wait times of traditional bank lending.

One risk of private lending is that it may be associated with higher interest rates and fees. Additionally, private lenders may not be subject to the same regulations and consumer protections as traditional financial institutions.

It’s important to evaluate your financial situation and consider the pros and cons of private lending compared to other options before deciding if it’s right for you.

The amount you can borrow through private lending varies depending on the lender and your financial situation.

When choosing a private lender in Ontario, it’s important to consider their reputation, experience, fees, and interest rates. It’s also a good idea to read reviews and do your research before making a decision. Contact us today for a referral.

Private mortgages are loans that are typically paid off in a short period, usually between 1 to 3 years. With these loans, homeowners are only required to make interest payments each month and do not have to pay down the mortgage principal.

These loans typically have higher interest rates than traditional bank loans.

You may want to use a private mortgage lender in any of the following situations:

• you need a short-term loan
• you need quick financing and don’t want to wait for a long approval process
• you have income that cannot be confirmed and it’s preventing you from getting a traditional mortgage
• your credit history makes it difficult to get a loan from conventional lenders
• you want to buy a property that is not usually financed by a traditional lender or bank

In private lending, a syndicate is a group of investors who work together to provide credit to a borrower.

Debt consolidation is the process of combining multiple debts into one loan with a lower interest rate, lower monthly payment, and a longer repayment term.

Debt consolidation may be a good option if you have multiple debts with high interest rates and are struggling to make payments. However, it’s important to evaluate your financial situation and consider other options before deciding if debt consolidation is right for you.

You can consolidate various types of unsecured debts, such as credit card debt, personal loans, and medical bills.

Yes, you can still apply for debt consolidation even if you have a poor credit score. However, you may have to pay a higher interest rate.

Debt consolidation can simplify your finances by combining multiple debts into one loan with a lower interest rate and a lower monthly payment.

Debt consolidation may initially have a negative impact on your credit score, but if you make payments on time, it can help improve your score over time.

One risk of debt consolidation is that you may be tempted to continue using credit cards or taking out new loans, which can lead to further debt. Additionally, some debt consolidation loans may have hidden fees or high interest rates.

It’s important to research and compare multiple debt consolidation service providers in Ontario to find one that offers a reputable and transparent service with reasonable fees and interest rates. Contact us for a free referral.

The debt consolidation process involves applying for a loan, consolidating your debts, and making payments on the new loan. The length of time it takes can vary depending on the service provider and your financial situation.

It’s generally recommended to avoid using credit cards or taking out new loans after consolidating your debt in order to avoid falling back into debt. However, it ultimately depends on your financial situation and ability to manage credit responsibly.

Bankruptcy is a legal process that allows individuals to discharge their debts and start fresh. It is governed by the Bankruptcy and Insolvency Act (BIA) in Canada.

Declaring bankruptcy in Canada can have serious consequences, such as losing assets, damaging your credit score, and affecting your ability to obtain credit in the future.

If you are struggling with debt and unable to make payments, you may want to consider speaking with a licensed insolvency trustee (LIT) to determine if bankruptcy is the best option for your situation. Contact us for a free referral to a licensed insolvency trustee.

Certain assets may be exempt from seizure in bankruptcy, such as clothing, furniture, and personal effects. However, it’s important to consult with a licensed insolvency trustee to determine what assets you can keep. Contact us for a free referral to a licensed insolvency trustee.

The length of bankruptcy in Canada varies depending on your income and other factors, but typically lasts for nine months to a year.

You are required to work with a licensed insolvency trustee in Canada to file for bankruptcy. Contact us for a referral.

The cost of filing for bankruptcy in Canada varies, but generally starts at $1,800.

If your debts are joint debts with your spouse, bankruptcy may also affect their credit score. However, if your debts are separate, their credit score should not be impacted.

Yes, it is possible to rebuild your credit after filing for bankruptcy in Canada. However, it may take time and effort to improve your credit score.

Yes, there are several alternatives to bankruptcy in Canada, such as debt consolidation, consumer proposals, and credit counselling. It’s important to explore all options before deciding on the best course of action for your situation. Contact us for a referral to an advisor.