Consolidating debt mortgage refinance

If this is something you're interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you.

ACC Mortgage provided a No Doc, 70% loan-to-value deal.These terms refer to the bank lending you money against the portion of your home that you own.So if the bank thinks that your home is worth 0,000 and your mortgage is for 0,000, then you own ,000 of your house. Increasing your mortgage is something that the bank may let you do, by taking out a second mortgage to use up some of this equity to pay off your debts.It may allow you to keep a low interest rate, only have one mortgage payment and still give you funds to pay off other debts.Ever since the early 1980's mortgage rates have been declining in Canada.

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