Today’s economic climate of tighter credit requirements and increasing unemployment rates taking their toll on some Canadians, there is little doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have even a year ago.
The best solution is to consult a mortgage professional who can determine whether your situation can be quickly repaired or if you are facing a longer road to credit recovery. Either way, for every problem, there is a solution.
The professionals at Regional Mortgage Group are experts in helping our clients repair their credit and improve their financial situations via a number of routes. If the situation is beyond our mortgage professionals’ expertise, we can help you connect you with the professionals who can help, including credit counsellors and bankruptcy trustees.
If you have equity built up in your home and you still have a manageable credit score, you can often refinance your mortgage and use the money to pay off high-interest credit card debt. By paying off this debt, you are freeing up more cash flow on a monthly basis.
The current lending environment, with interest rates at an all-time low, is the ideal time for refinancing your mortgage and could possibly save you thousands of dollars a year, enabling you to pay more money per month towards the principal on your mortgage as opposed to the interest, which in turn can help build your equity faster.
Here are five steps you can utilize to boost your credit score quickly:
However, if you have repeatedly missed payments on your credit cards, you may be in a situation where refinancing or quickly boosting your credit score will not be possible. Depending on the severity of your situation – and the reasons behind the delinquencies, including job loss, divorce, illness, etc. – your Regional Mortgage Group professional can help you address the concerns through a variety of means and we can also refer you to other professionals who can help get your credit situation back in check.
If you have any questions about rebuilding your credit, please don’t hesitate to give us a call.