Debt Consolidation Loans Ontario
Are you struggling to pay off high interest credit cards and other loan payments? Is your credit being impacted from over utilization or missed payments? With home prices and the costs of goods steadily rising, many Ontario homeowners are in the same boat. If you own a home in Ontario, Tembo Financial can help!
A debt consolidation loan with Tembo Financial is a quick, easy & flexible way to free up your cash flow,
simplify your monthly payments, save you money and possibly increase your credit score. At Tembo Financial we don’t report our loans to the credit bureau, helping you to regain control of your credit score.
What is a debt consolidation loan?
Debt consolidation is a type of debt refinancing where a homeowner acquires a new loan, often structured as a second mortgage to pay off multiple, high-interest rate consumer debts into one simple payment. Interest rates are often much lower with the single loan versus balancing multiple high interest debts like credit cards and other unsecured debts.
Advantages of Debt Consolidation Loans
A debt consolidation loan is an excellent tool for an individual with multiple debts with high interest rates and/or steep monthly payments – especially when amounts are upwards of $10,000+. Getting a debt consolidation loan combines these multiple payments making it much easier for the individual to manage just one monthly payment. The homeowner often pays a lower interest rate which helps to lower their monthly interest payments.
One of the greatest advantages of a debt consolidation loan is the potential for a homeowner to increase their credit score. This is extremely important because many companies such as cell phone providers, car dealerships and even gyms look at a person’s credit score to determine if they have a strong history of repaying debts. Having a high credit score allows individuals to be approved for many essential purchases they make in their everyday lives.
Oftentimes, homeowners who are struggling with large debt often see a significant drop in their overall credit score. This ripple effect makes things very complicated for the homeowner whenever they are looking to purchase large ticket items like financing a car or refinancing their homes.
A debt consolidation loan from Tembo Financial allows homeowners to leverage the equity of your home to pay down debts, simplifying their finances in the hopes of increasing their credit score.
Benefits of Debt Consolidation Loans in Ontario:
- Save Money (By lowering overall monthly interest rates) *
- Avoiding Bankruptcy or Consumer Proposal
- Maintaining and improving your credit score*
- Putting your home equity to work for you
Frequently Asked Questions
The fees are simple with our debt consolidation loans in Ontario and always clearly outlined in our commitment and borrower disclosure. The fee structure is dependent on many factors, including the loan amount, the position on title as well as the location and condition of the subject property. Give us a call today to discuss your debt consolidation loans situation and get a quote! Call 416 238 6717
Yes, lawyers are required to complete the loan transaction. Fortunately for our clients, Tembo Financial has really low legal fees
The application process is simple and only takes a few short minutes to complete. Most clients are approved in minutes! We are often able to fund the loan in 24-48 hours. Some conditions apply and are subject to qualification.
All our loans are secured by real estate. Tembo Financial registers a mortgage ranking directly behind the existing mortgage(s) in place.
With debt consolidation loans Ottawa, our lawyers take care of paying out the clients existing debts. If there are any remaining funds, they are sent to our client’s bank account directly from the lawyers once the file is “closed”, the mortgage is registered on title and all other payouts have been taken care of.
In most cases we do not require appraisals, however some exceptions apply.
Personal Information:
2 pieces of Valid ID (Drivers License, SIN #, Credit Card, Passport)
Void Cheque
Most Recent NOAs (upon request)
Documents Related to the property:
Most recent mortgage statement(s)
Most recent property tax statements
(If the property is Sold or going to be sold)
Listing Agreement
Purchase and Sale Agreement (when applicable)
Sold MLS Listing (when applicable)
Any waivers, Amendments pertaining to the sale.
A copy of the buyer’s deposit cheque (when applicable)
The interest rates at Tembo Financial are competitive to current market prices but do vary depending on each client situation. Please call our offices at 1 844 238 6717 to get a quote.
Our minimum loan amount at Tembo Financial is $25,000.00
Clients have options when it comes time to repaying the loan. Many clients decide to repay the loan directly through their lawyer on the closing date when the subject property is sold. Clients might not be selling their home and therefore decide to pay off the loan through a mortgage refinance or from their own personal funds. Every situation is different. If you need assistance in figuring out your repayment strategy, please give us a call today.
Tembo lends throughout Ontario. Please contact us directly to see if we lend in your area. Some of our approved lending areas include: Ajax, Arnprior, Barrie, Bracebridge, Bradford, Brantford, Belleville, Burlington, Brampton, Caledon, Cambridge, Collingwood, East Gwillimbury, Erin, Fort Erie, Guelph, Goderich, Gravenhurst, Grimsby, Hamilton, Halton Hills, Huntsville, Ingersoll, Kawartha Lakes, Kingston, Kitchener, London, Markham, Mississauga Milton, Mono, Newmarket, Niagara Falls, Oakville, Orillia, Ottawa, Orangeville, Pelham, Pickering, Peterborough, Prince Edward County, Richmond Hill, Sarnia, St Catharines, St. Thomas, Toronto, The Blue Mountains, Vaughan Wasaga Beach, Whitby, Waterloo, Whitchurch-Stouffville, Windsor.
Yes, we get creative and provide financing solutions that have open terms regardless of it being a first, second or third mortgage. An open term allows our clients to repay their loan any time during the term without any repayment penalties. We will always suggest terms that make the most sense for each client’s situation.
We customize the term length to be anywhere between 1 and 12 months for all our debt consolidation loans, regardless of it being a first, second or third mortgage. We always suggest a term length that makes the most sense for each situation. Speak with one of our licensed mortgage professionals today to learn more.