Varun Kohli November 14, 2023 No Comments

Tembo Financial has long been the trusted name for countless clients throughout Ontario, specializing in second and third private mortgages. Over the years, we’ve been able to provide our a clients with their 2nd and 3rd mortgage funds extremely quickly – often in as little as 48 hours. Tembo’s approach has always been marked by innovative and considerate solutions tailored to our clients’ diverse needs, all delivered with unwavering dedication to exceptional customer service. But now Tembo provides even more solutions to their clients: 1st private mortgages. Our private 1st mortgages are designed to empower individuals to realize their dreams of homeownership. We continue to provide competitive pricing and rates, rapid service, streamlined approval processes, and, as always, outstanding customer support. In a high interest rate era marked by 20 year high big bank mortgage rates, drawn out bank mortgage approvals and requirements, and the demand for flexibility, Tembo stands ready to assist you.

Additional advantages of a private 1st mortgage with Tembo include:

Customized Loan Terms: We can offer more tailored loan terms to meet your specific needs. This can include flexible repayment schedules, quick closings, dynamic term lengths.

Private Negotiation: When working with us, we can negotiate the terms directly with clients, potentially leading to more flexible conditions for your mortgage.

Investment Opportunities: We also finance investment properties and flip projects, which can be a valuable opportunity for real estate investors.

Opportunity for Credit Improvement: If you have credit issues and cannot qualify for a traditional mortgage, Tembo can assist you in improving your credit score while offering 1st mortgage solutions to buyers with bruised credit scores. For debt consolidation information continue reading below.

Flexibility in Eligibility Criteria: We are typically more flexible in our eligibility requirements, making it easier for individuals with unique or non-traditional financial situations to qualify for a mortgage. This can include self-employed individuals, those with lower credit scores, or those with non-standard income sources.

More and more prospective home buyers are being rejected at the big banks. Their incomes aren’t high enough, their credit scores aren’t high enough, or they simply can’t qualify at the big bank rates. CMHC data has been confirming this growing trend for some time now. If you’ve faced disappointment with a big bank mortgage application and feel that you’ve exhausted your options, don’t hesitate to reach out to us and consider a 1st private mortgage with Tembo. Inflation is still stubborn, and for now, it looks like the U.S. Fed will continue raising rates, so it’s highly likely that Canadian rates could go up again too. In this environment, explore your options, and right now, Tembo is your ideal choice for your first mortgage.

Credit consolidation loans

If one of the reasons you can’t get a private first mortgage is because you’re carrying too much debt, and your credit score isn’t good, consider our credit consolidation loan services. Credit card debt has hit an all time high in Canada at $107.4 billion in Q2 of 2023. Total consumer debt is at over $2.4 trillion, a sum larger than our entire annual economic output.

Savings are drying up and there’s a growing reliance for Canadian households. Inflation is not only impacting wallets but also denting consumer confidence. Equifax’s data reveals that 53% of Canadians express significant anxiety about their debt levels, and only half feel secure about their personal economic outlook, a decline from 61% in the previous year.

The recent surge in gas prices and consistently high food prices are adding to the financial strain on people. Unfortunately, these credit card balances are expected to continue increasing. Interest rates are poised to keep rising, and while the exact number of future rate hikes remains uncertain, it is evident that inflation rates persist stubbornly high. Elevated interest rates translate to higher borrowing costs for banks and lenders, which subsequently leads to increased interest rates on debt products.

For those wrestling with concerns about their credit card balances, it’s crucial to recognize that there’s a way to alleviate anxiety, reduce high interest expenses, and protect your credit score. The solution lies in a debt consolidation loan from Tembo Financial.

A Tembo debt consolidation loan is an excellent choice if you have multiple outstanding debt products such as unsecure lines of credit, credit cards, payday loans, and more. It allows you to consolidate numerous payments and products into a single, straightforward, and convenient payment. This will not only enhance your credit score but can also result in savings on interest payments, particularly as interest rates continue to climb.

It’s not only credit card debt that is on the rise; HELOC (Home Equity Line of Credit) balances are also increasing. HELOC debt across Canada is now well over $170 billion threshold. While HELOC debt had previously peaked in early 2013 at $200 billion, Canadians have been diligently reducing their HELOC balances. However, these amounts are now climbing again. A Tembo debt consolidation loan is a viable solution to clear both your credit card and Line of credit balances in one go.

For students with multiple debt products a Tembo debt consolidation loan can be a great option to consolidate everything into one payment and sometimes lower monthly payments. Call Tembo Financial today to learn more!

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