Debt Consolidation Between $10,000 – $100,000 For Canadians


The latest client is applying for a debt consolidation loan or mortgage for an amount between $10,000 to $100,000 in Canada. They have an existing mortgage of approximately $50,000 and an additional $35,000 in debt from other sources that they would like to consolidate into one loan or mortgage. Their current mortgage is coming up for renewal and they would like to use this opportunity to consolidate everything together.

They have created a competitive situation for this application in that they already have an offer from their current lender and are looking for a competitive offer from another lender to compare interest rates, terms and any other fees that might apply. This is a smart thing to do for all consumers who have excellent credit ratings similar to this applicant.

For the most part all of the costs will be the same except for the addition of an appraisal fee and possibly a discharge fee of the current mortgage if the applicant selects a proposal from another lender. Since they are excellent candidates, lenders may decide to write off or absorb these fees in an effort to gain their business. Lenders have been known to absorb appraisal fees and forgo registration fees etc in an effort to gain the business of customers with excellent credit ratings who are well employed.

We also feel that the customer might be better served if they were to consider a line of credit that is secured by the equity in their home. This line of credit will provide them with more flexibility in terms of borrowing money for various debts as well as repaying the debt when they have surplus funds available. In addition, with a secured line of credit, interest rates are very competitive compared to other types of mortgage products. Further discussion will be needed with this customer to decide an appropriate course of action.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Loan Amount :: $85,000

Loan Application and Processing Speed (when do you need the funds):: within the next 3 months as my current mortgage will be renewed in that time frame

Do you currently have a mortgage? :: yes, it is up for renewal

Bank Name and Branch :: Bank of Montreal, Orleans

What City/Town, State and County do you live in? :: Ottawa, Ontario, Canada

Zip ::K4A2P5

What is your employment field? :: Teacher

Employment Position :: History teacher at a local high school

When are you paid? (monthly/weekly/biweekly):: bi weekly

Your credit rating to be – excellent, fair, or bad? :: excellent

How did you find us? :: searching for competitive mortgage rates online using google

How are you paid? (direct deposit/paper check):: direct deposit to my checking account

Gross Amount Per Paycheck ::$2800

Do you agree to have this information published online, without your PRIVATE information of course? :: sure, just keep all of my personal information from being published online

Extra information here please (some detail):: Hi, I am a secondary school teacher teaching history classes to students in grade 11. I have an existing mortgage with a balance of approximately $50,000 which is up for renewal in the next three months. My current mortgage lender has offered a competitive rate for the renewal, however I felt that it would be a good idea to look  for competitive rates and terms to see just what kind of a deal they are actually offering me. The easiest approach for me was to do some searching online for mortgages and specifically a debt consolidation mortgage and find out what other lenders might offer and what they would need in terms of documentation.

I would like to consolidate some other debt that we have amounting to approximately $35,000 which was spent on landscaping, roof repair and new appliances for our kitchen. We should have done this before to avoid paying higher interest rates, however we wanted to find a lender who will help us consolidate the mortgage and all of the debt that we have. Right now this extra debt is being carried on credit cards which was not a smart thing to do, so we would like to fix this as quickly as possible.

Note to Lender :: I have been with the school board in this district for many years and have tenure with the board so there is no risk of lay off due to my seniority.  My plan is to fully discharge the mortgage in addition to the amount that I would be consolidating now before retirement so that we are debt free by the time I retire. My credit rating is excellent since we pay all bills on time and we have no debt other than what I have already mentioned. The car is paid for and we have no other loans of any kind.

We have heard that you can arrange competitive debt consolidation for Canadians and we really wanted to see if your offer is as good as or better than the rate that our current mortgage lender is offering for renewing the mortgage and consolidating the debt that we talked about earlier. Frankly we are going to select the best offer and look for a competitive offer from you that includes all of our costs for switching lenders. This should include legal fees as well as any appraisal costs that might be involved.

 

Category: Loan APR 3.99% APR 4.05% APR 4.5%
Loan Principal $85,000 $85,000 $85,000
Payment Schedule Monthly Monthly Monthly
Length of Term 10 20 25
Amount to be paid $102,097.13 $119,556.60 $132,969.76
Total interest paid $17,097.13 $34,556.60 $47,969.76
Paid per installment $839.15 $491.37 $437.16

Do You Need A Personal Loan?

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Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!


9 Loan Requests

  1. Tahmmie applied for the following loan:

    Loan: $80,000

    Speed: ASAP

    Credit: Good

    Location: Sherwood Park, AB, CANADA

    Income: Have been at present job for over 12 years and make an annual income of approx. $107,000, approx. $8900/month. Have very good job security and income.

    Reason:

    The purpose of this loan is to combine existing credit card debt and loans into one payment. I have NEVER been late or missed any payments, however, it would be much easier to have one monthly payment instead of several payments. Can only make minium payments right now, and balances are going no where. Want to get out of this debt. Would be willing to close out existing credit cards (would like to keep one open for emergenices, vacations, etc….). Have no security, am a homeowner, but there is currently no equity in the home. Have tried the banks, but as there is no security, unfortunately have been turned down, even though I can make the payments very easily. $80,000 would cover existing credit cards/loans and provide me with an extra flow of cash to keep me going and for a much needed vacation coming up. Would very much appreciate any help! Thank you so much!!

  2. Kevin applied for the following loan:

    Loan: 25,000

    Speed: 2~3 weeks

    Credit: high balances, but never missed a single payment

    Location: Vancouver BC

    Income: $45,000 per year before taxes, paid semi-monthly direct-deposit, employed with the same employer for 4 years. Additional side income of $500 per month doing tutoring, but the side income is seasonal, mainly from Sep to May.

    Reason:

    1. Consolidation
    I have about $25,000 debts in several credit cards, and more debts on students loans & lines of credit. I would like to consolidate only the credit cards into one payment, with closing out the cards after being consolidated.

    2. Emergency
    I had to deal with unexpected medical expenses for my parents, which resulted in my carrying high balances for credit cards and lines of credit. I have not missed any single payments for my debts, but carry high balances.
    My wife has recently been found out to be pregnant, and I would like to have some emergency fund set aside just in case something happens before I fully pay off all my debts.

    Please advise if there is any additional information that I need to provide you.

    Thank you.

  3. Andrea applied for the following loan:

    Loan: 30,000

    Speed: By January 31, 2014

    Credit: Poor

    Location: Ajax, Ontario Canada

    Income: I am a subcontractor cleaning two major supermarkets $2,800/mth Husband is a welder making 2,800-3,200/mth Child tax $600/mth I do accounting on the side $300-500/mth

    Reason:

    We were trying to renew our mortgage and the broker messed us up letting us pass the renewal date, at the same time my husband was sick and didn’t get paid/ we ended up putting the house in a friends name but it ended up that the “rent” was now twice as high/ i sacrificed food and utilities just to pay the “rent” currently our water is off and we are behind on two months, and we want to pay back friends and family that helpped us/ originally the renewal was to also cover a the family van loan and a credit card i had/ the van has since been taking away.

    We just want to clear up everything and start all over. the house is up for sale and we will be moving into my parents condo as my dad is in a nursing home and my mother is living with my older brother.

    My friend whos name is on the house is upset now because we are late and wants it brought up to date before the 1st.

    Once we get this loan and the house is sold we wouldn’t have any other debt to have to repay.

  4. Deborah applied for the following loan:

    Loan: $50000

    Speed: asap

    Credit: poor

    Location: Waterville, Nova Scotia, canada

    Income: I clear $2000 per month I have a full time secure job.

    Reason:

    $10,000 to pay off 2007 Nissan
    $30,000 to purchase a mini home
    $10,000 to renovate mini home

  5. Maureen applied for the following loan:

    Loan: 500.00

    Speed: Today

    Credit: poor

    Location: Thorold

    Income: We are getting Ontario Works(can not be cut off at any time due to husbands illness) in the amount of $1350 also getting CCTB in the amount of $2690 this is only a loan til January 20,2015 and will be paid back in full if you can even help me,.

    Reason:

    To get grocery for my 6 kids and caught up on my bills after getting robbed the day before Christmas ,family member took all my money for my bills and grocery and all 6 of my kids christmas gifts . Cops are still looking for them. you are my last hope to get some help to feed my kids and keep heat in the house!

  6. Maureen applied for the following loan:

    Loan: 500.00

    Speed: ASAP

    Credit: poor

    Location: Thorold

    Income: Ontario Works $1350.00 ( waiting for disabilty to kick in) CCTB $2690.00 with universal

    Reason:

    to buy grocery’s for my six kids and pay my bills after getting robbed on Christmas day. They took everything,my grocery money and bill money and all my kids new electronics. You are my last resort and pray to the load above you can help us!

  7. Gord applied for the following loan:

    Loan: 97,000

    Speed: Sooner than later

    Credit: Very good 731 as per equifax

    Location: Whitehorse, Yukon, canada

    Income: Clear $1,800 every two weeks,

    Reason:

    Looking to consolidate all debt into one payment, 17,500 in cc debt, 51,000 in an unsecured loan, 24,500 on my car, looking to buy a house and need a smaller monthly bill payment, looking to do it over 10 years(apparently not an option anywhere) and pay 1100 a month.

  8. Clinton applied for the following loan:

    Loan: $50,000

    Speed: To consolidate debt and start my life over again.

    Credit: Poor

    Location: Barrie, Ontario, Canada

    Income: I currently work for the Barrie Police Service as a Special Constable. I started in June 2016, where I make Net $2700 per month. I also work at National Sports, where I bring in an extra $350 per month.

    Reason:

    To consolidate my debt. I owe Citifinancial almost $10,000 at a rate of 34%, I have credit card debt totalling almost $7,500, and a loan that I took for an engagement ring that is a little over $18,000. The wedding is this July and I need to save some extra money for the wedding. On top of this I have fallen a little behind on my bills and hope that I can get my life back together with this loan.

  9. GERALD applied for the following loan:

    Loan: 40000

    Speed: as soon as possible

    Credit: 670

    Location: chilliwack, bc canada

    Income: 4 pension and other income total= 104000 per year

    Reason:

    pay out RBC UNSECURED LINE OF CREDIT, 39400.00

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