2020 has been a financially difficult year for many people and because of this, you may have amassed some consumer debt that you are now struggling to pay off. The good news is, that you own your own home, you can use your home equity for debt consolidation.
Using a mortgage for debt consolidation is one of the lowest cost, and most effective ways to get out of debt.
If you are a business owner or would like to start a business this year, then getting a small business loan can be a great way to boost your business and gain an edge over the competition. Unlike many other types of loans however, lenders of business loans usually want to know what you intend on spending the money on before they commit to lending it to you. So before you apply, you’ll need to consider where the money will be going.
Have you ever found yourself facing an emergency like a major home repair or medical expenses and didn’t know how you were going to foot the bill? If you are like many Canadians, perhaps you ended up turning to your credit cards. While this is certainly an option, the problem with credit cards is that they have high interest rates and they can take a long time to pay off.
If you own your own home however, there is a better option. It’s called a second mortgage.
If you are looking to become a homeowner in Canada, one of the first steps that you will have to take is to get pre-approved for a mortgage. Getting your pre-approval through AKAL Mortgages is easy and a simple matter of providing us with your information which we in turn provide to a suitable lender.
But you may be wondering what actually happens during that process. Well here it is.