What is debt consolidation?
Debt consolidation is the process of combining multiple debts into one simple payment. Interest rates are often much lower than balancing multiple high interest debts. A debt consolidation loan in Ontario from Tembo Financial allows you to leverage the equity of your home to pay down debts faster while simplifying your finances.
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
*All loans are subject to credit and underwriting approval. Loan amounts and interest rates change based on borrowers situation. There are no guarantees that the outcomes from debt consolidation loans in Ontario will be the same for all clients.
FAQ'S
What are the costs of getting a debt consolidation loan?
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
Are lawyers required to get a debt consolidation loan in Ottawa?
Yes, lawyers are required to complete the loan transaction. Fortunately for our clients, Tembo Financial has really low legal fees
How long does the application process take for a debt consolidation loan?
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.
How is my debt consolidation loan secured?
All our loans are secured by real estate. Tembo Financial registers a mortgage ranking directly behind the existing mortgage(s) in place.
When do I receive the funds for my debt consolidation loan?
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.
Do I need a home appraisal for my debt consolidation loan?
In most cases we do not require appraisals, however some exceptions apply.
What documents do I need to apply for a debt consolidation loan Ontario?
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)
What rates does Tembo Financial charge for a debt consolidation loan?
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.
Is there a minimum loan amount for a debt consolidation loan?
Our minimum loan amount at Tembo Financial is $25,000.00
How does Tembo get repaid for the debt consolidation loan?
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.
What areas does Tembo Financial lend in for debt consolidation loans Ottawa?
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.
Can my debt consolidation loan be an open term?
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.
What term lengths are available for a debt consolidation loans in Ontario?
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.
