You want to refinance your mortgage, but is your credit up to the task?

A number of things can contribute to a low credit score, a.k.a. bad credit. This includes:

• Defaulting on a loan or bill payment.
• Poor payment habits, such as missing due dates or only paying the minimum balance.
• Accessing too many credit products.
• And more.

In some cases, you might have already owned your home before you ran into credit trouble and were able to keep your mortgage payments up to date. Refinancing your mortgage can be a great solution for getting out of debt and dealing with problem credit.

For instance, if you have equity available and are able to refinance your mortgage and access it, you might be able to use that money to pay off your bad debts.

Similarly, if your mortgage payments are making it hard to manage your budget because they’re too high, refinancing might allow you to have lower monthly payments and put more money back in your pocket.

But now that you want to refinance, your bad credit score might make you a risk to traditional lenders, like the big banks.

What can you do?

The solution — mortgages based on equity.

Traditional mortgages are based on your income, credit score, and the property criteria (for instance, estimated value).

Equity-based mortgages are centered on the equity of a property — essentially how much money you have earned by paying down your mortgage. If your property value has increased (or decreased) this could also affect the available equity.

If you are unable to provide traditional income sources (e.g. if you are self-employed) or if you’ve hurt your credit, an equity-based mortgage can be the perfect solution.

This can allow you to:

• Consolidate debt;
• Pay off back taxes;
• Finance home renovations or other major expenses,
• And more.

DebtCare Canada can find the best equity-based mortgages, including mortgage refinancing, home equity lines of credit, and more. We have a comprehensive list of lenders that offer credit to people in all different circumstances at the fairest rates.

Contact us today for a free consultation. Call 1-888-890-0888 or visit www.debtcare.ca.