It can be very stressful trying to deal with phone calls from several lenders demanding payments daily for debts that you may owe and may not be able to pay. A way to cut down the stress if you are a home owner, is to consolidate all of your debt into a single loan with one easy monthly payment. Consolidating your debts will give you peace of mind and stop those harassing phone calls.
In Sudbury consolidation loans are provided by a number of lenders to help people consolidate their debt. The debts could be car loans, credit card debt, unsecured loans, personal loans, medical bills or divorce settlements.
A professional mortgage broker can help you through the process of getting approved for this kind of loan or mortgage. Sometimes a second mortgage may be preferable. Other times it may be better to consolidate by refinancing all of the debt into a new first mortgage. It really depends on your current set of circumstances.
1. The first step is to call a professional mortgage broker such as expert Mortgage to help you through the process.
2. You will need to complete the mortgage loan application so that the lender can see what your complete financial picture is
3. The brokerage will complete a credit check and review it with you. Any credit issues will be addressed with you by your broker
4. The application is then sent to lenders for approval
5. If the application is a approved by a lender, then the lender will send a Commitment Letter explaining the terms of the mortgage or loan
6. You will then meet with the broker when he or she will review the offer from the lender including any legal fees, lender’s fees, broker fees etc
7. After the paperwork is signed is is sent to your lawyer and lender.
8. The lender then sends the mortgage documents to the lawyer for you to sign.
9. After the mortgage documents are signed, the mortgage is registered on the title of the property
10. The funds are released by the lender and the mortgage is closed.
It is normal to have all kinds of questions through this process. For someone who is not trained in this kind of work it can be quite a daunting process. This why a mortgage broker can be so helpful when trying to apply for consolidation loans. Since they do this every day for a living, they are the best ones to go to to help guide you through this process.
An independent broker is better because they deal with many different lenders and banks. Each bank has a different policy and criteria for loaning money. It can be extremely time consuming to go around all of these different lenders to only find out that they do not have a product to meet your particular needs. It is also very unlikely that you would be aware of many of the sub-prime or b lenders who may be able to help you in your particular set of circumstances.