Refinancing

[Sentry]

Can anyone tell me where I could get some information on refinancing some large debt. So far I have gone to the bank and they are suggesting re doing my mortgage. I don't want to do that if other options are available.

Are there any companies or web pages offering advice.

Thanks.

[JaguarTO]

How large is large? and what is the secuity or collateral being offered?

[Rockslinger]

Speak to the Royal Bank about a home equity line of credit. Prime plus 1/2 percent. Drawdowns and repayments at your discretion.

[21pro]

do you have one of those Scotiabank specials of prime minus 1.5% from summer 2008 and that is why you don't want to redo your mortgage? if so, get in touch with Freakshow... I think Scotia can match something similar only if you have that mortgage and it's in the form of a HELOC.

[Sentry]

Will call Royal Bank about that. My bank is pushing for refinancing my mortgage, but I have been looking into companies like 310-DEBT, BDO. Has anyone ever used these type of companies?

Also what is a Consumer Proposal?

Sorry for all the questions, but a recent sickness of a family member has left me financially strained over the last year, resulting in maxed out credit cards ect...

Again thanks for any help.

[tswchow]

Regardless of how you do this, the lender will want the house as a collateral. Going with your bank is still the best bet ... either increase your mortgage or get a home-equity line of credit. LOC rate is lower at this moment. Other companies make their money with high interest rates .... and they will still want second mortgage of your house.

[Peter69]

Try debtfreedom.ca They will actually help you eliminate debt sooner and are a full financial services company. Am I a representative ? YES , I am. I was very sceptical of the whole thing. But I just recently helped a family with o.k. ( not great) credit roll a high interest loan , credit card debt and mortgage all into one mortgage payment. They don't just consolidate debt. They use an accelerator to help you get out of debt sooner rather than later. They deal with ( 29 ) all the major lenders. And by the way that family, well we got them a variable rate 5 year term for 2 %. HEY, it never hurts to look at all your options. If you have any questions, don't hesitate to pm me. Good luck.

[JaguarTO]

If its credit card debt you are paying off then the least expensive form of fianacing is mortgage debt secured by a residential home as long as the finacing is less than 75% of the home value. This will keep your payments simple, allow you to shop around for a good rate and if you keep the term to one year you will be able to increase the payments when you are in a position to do so. Be careful of second and third loans as you will be finacially strangled by all the payments!

[Sentry]

Thanks for all the advice I really appreciate it. It looks like I will be going the mortgage refinance route. When I do this is there any tips in regards to the details of the mortgage?

Thanks.