We’re seeing slowdowns in the condo market, a large increase in listings compared to sales, and investors increasingly wary of allocating capital. Higher interest rates and slowing employment growth are taking their toll. But despite these challenges, the Ontario economy continues to create jobs and show resilience, and inflation is back under control, suggesting the possibility of a sustained round of interest rate cuts. Tembo is busy helping navigate a real estate market in flux, here’s how our services can come in handy in a challenging time.
Debt Consolidation Loans
A big challenge that people are facing is getting access to capital and credit. This is a buyer’s market, and there are good deals to be had and price discounts all over the place. But prospective homebuyers may have too many debt products, their credit score may be in a bad spot, and overall, this could be an anchor in getting approved for more credit from a big, cautious Canadian bank. If you own a home in Ontario, Tembo Financial can help you consolidate your debts into one manageable payment. A debt consolidation loan from Tembo Financial allows you to leverage your home equity to simplify your finances, reduce your overall interest rates, and potentially improve your credit score. By combining multiple high-interest debts into a single loan, you can lower your monthly payments and regain control of your financial situation. Debt consolidation can help you save money, avoid bankruptcy or consumer proposals, and maintain or even boost your credit score. This financial tool is especially beneficial if you have multiple debts over $10,000, making it easier to manage your finances and secure essential purchases.
Stop Power of Sale Loans
Some of our customers have overstretched themselves and were unable to sufficiently adapt to the 10-interest rate increases by the Bank of Canada in one year. We helped a significant number of clients who found themselves in power of sale situations by their banks. Facing a power of sale can be overwhelming, with costly penalties and legal fees adding to the stress. If your lender is moving toward or has initiated a power of sale, Tembo Financial can help you regain control of your home’s sale, potentially saving you both money and peace of mind. We provide fast and efficient funding to buy out your existing mortgage and stop the power of sale process. Power of sale occurs when a borrower can’t meet their mortgage obligations, leading the lender to sell the property to recover their investment. This process often results in a loss of “stigma equity,” where the property sells for significantly less than its market value due to the forced sale. A big bank initiating a power of sale doesn’t care about maximum value – that home is a digital icon in a ledger on a computer to them. Their goal is liquidate quickly. Tembo Financial allows you to control the sale of your home, avoid the steep costs and stigma associated with power of sale, and maximize your property’s value – we’re experts at helping clients do this. We can give you options, and crucially, time. With access to funds within 48 hours and no monthly payments, Tembo can help you navigate this challenging situation.
Home Renovation Loans
One of the ways we help our clients maximize the value and sale price of their property is through our Home Renovation Loans, which have been a perennial favourite of our Tembo Community for years. Many homeowners plan to update both the interior and exterior of their properties to refresh the look and potentially increase the home’s value. If you’re considering selling, cosmetic renovations can also help maximize your sale price. Tembo Financial offers fast, hassle-free renovation loans in Ontario, with no credit checks, income verification, or appraisals required. You can receive funds within 48 hours, making it easier to start your renovations right away, whether you’re updating your home or preparing it for sale. A home renovation loan from Tembo Financial can help you cover the rising costs of materials and labor, enabling you to make improvements like home repairs, painting, kitchen and bathroom remodels, landscaping, and more. Some of our clients will use our renovation loans to turn a basement into a full suite, to turn their home into a partial rental property and cash cow. This also broadens sales appeal to investors looking for regular cash flow. By tapping into your home equity, you can modernize your space, enhance curb appeal, and increase your property’s value. Let Tembo Financial make your dream renovations a reality with quick and easy financing.