Are you concerned about your debts ? Would you like to find a solution but are having difficulty finding your way through the different options available to you? Here are our answers to the most frequently asked questions about debt consolidation and mortgage refinancing solutions.

Our services - Alternative and conventional financing

What is debt consolidation? How does it work?

By definition, debt consolidation involves grouping your various debts together so that you only have to manage one. This strategy allows you to benefit from a lower interest rate and simplified payment terms. With a single payment , at a more attractive rate, managing your debt becomes easier and allows you to gradually regain control of your finances.

What is a mortgage refinance?

Mortgage refinancing is defined as a financial strategy that involves replacing your current mortgage with a new, more advantageous loan . The goal? A lower interest rate, a reduction in monthly payments, access to equity, and much more, depending on your financial needs and your current situation.

Do your services negatively affect my credit score?

No , on the contrary. Our services aim to avoid bankruptcy or consumer proposal, in particular by using debt consolidation via mortgage refinancing. The goal is then to reduce your monthly payments while increasing your credit score.

I recently filed for bankruptcy (or a consumer proposal), can I use your services?

Yes, it is possible . Each situation is different, so take the time to contact us and we will discuss with you, free of charge , to verify your eligibility .

My application with my financial institution was denied, can you help me?

Absolutely! As a mortgage broker , we work with several financial institutions, both conventional and alternative. This allows us to open up a range of solutions at our disposal, even if your institution initially refused your request.

I recently renewed my mortgage, can you still help me?

Yes! Sometimes, some customers do not pay enough attention to details when renewing their mortgage financing . Please note that it is always possible to check with us for free if there is a more advantageous solution according to your needs.

I don't have a mortgage at the moment as my property is paid off. Can you help me with my debt problems?

Yes , of course! Simply owning a property provides access to equity so you can achieve your goals. Whether it’s to reduce your payments by repaying high-interest debts or simply to access some funds to make major renovations or future investments , we can help you achieve them without having to accumulate tons of debt.

Does a mortgage refinance affect my credit report?

Yes, mortgage refinancing does indeed have the power to positively impact your credit report. Through better management of your debts and finances, this strategy ensures greater financial stability , thus improving your credit . At Alternative Finance , we make sure to guide you so that you can regain control of your finances!

Better understand financial vocabulary

What is the difference between mortgage renewal and refinancing?

To better understand the differences between these two terms, here is a brief overview of the purposes and implications of each.

  • Mortgage Renewal : Occurring at the end of the agreement already provided for under the terms of your mortgage, mortgage renewal allows you to renegotiate the interest rate and the remaining term of your current mortgage, without any change to the total balance.
  • Mortgage refinancing : In return, mortgage refinancing allows you to replace your current mortgage with a new mortgage. It is then possible to modify the amount of the mortgage loan to increase it according to your needs. In particular, in order to consolidate your debts.

Feel free to get in touch with our team to learn more about the main differences , and find out which solution is best suited to your situation.

Line of Credit vs. Mortgage Refinancing: What’s the Difference?

Using a home equity line of credit has some similarities with the principle of mortgage refinancing . In fact, both solutions rely on the equity in your property in order to gain access to financial equity.

Line of credit and mortgage refinancing are nevertheless distinguished by their conditions, according to your real needs . In a context where the objective is debt consolidation, mortgage refinancing is generally to be considered. Make an appointment to meet with a mortgage broker. Following the analysis of your financial situation, we will discuss with you in order to guide you towards the best strategy to adopt in your specific case.

What is a 60 day notice?

Sent in the event of a mortgage default , the 60-day notice is a legal notification to inform you that legal proceedings could be initiated in the event of non-payment within a 60-day period. Are you affected by this situation? Contact us without delay to discuss your options and quickly initiate steps to rectify your financial situation.

Tips, strategies and general information

How to get the best mortgage rate for refinancing?

Obtaining the best mortgage refinancing rate depends on several factors : current credit report, debt ratio, equity in your property, current market rate, etc. By doing business with a mortgage broker at Financement Alternatif , we will work to find the best possible rate for you. according to your own reality.

How to Pay Off Debt with Bad Credit?

Paying off debt with a bad credit score can indeed present some challenges . But rest assured, there are solutions to help you deal with your financial difficulties. Reducing monthly payments and overall interest rates through debt consolidation is one of the avenues to consider. Talk to our mortgage brokerage professionals and see if this strategy is right for your financial situation.

How can I improve my credit score?

There are several solutions that can help you improve your credit score : healthy management of your finances, avoiding accumulating debts associated with high-interest credit cards, effective repayment of active debts, and much more. Obviously, all of this requires good planning through a winning strategy for you in the long term. By analyzing your financial situation carefully and professionally, our mortgage broker can help you establish a game plan that will help you restore your credit .

How to avoid personal bankruptcy?

To avoid bankruptcy , it is imperative to start with a good analysis of your financial situation in order to draw up a list of concrete and proactive strategies . At Alternative Finance , we work to help you better manage your debts , exploring with you the mortgage refinancing options available with a conventional bank, alternative and even private financing.

What are the solutions to over-indebtedness?

When faced with debt problems, it is easy to feel helpless. As a debt consolidation professional, we can help you put in place an effective and advantageous strategy to allow you to regain control over your accumulating debts thanks to the solution best suited to you:

  • Conventional Bank : These are the institutions with the best conditions and interest rates . Financing through these banks, however, requires a good credit score.
  • Alternative Banking: It is necessary to deal with a mortgage broker to access these institutions. Interest rates are generally a little higher but these banks are also more flexible in terms of qualification, thus offering an advantageous short-term solution to rebuild credit quickly before returning to a conventional bank.
  • Private financing : If neither of the two previous options suits your situation, private financing then becomes an option in the short term. With the aim of then bringing you back to conventional and alternative banks when the situation has improved.

Why choose a private mortgage lender?

The private mortgage loan allows certain advantages such as greater flexibility of conditions, speed of execution and financing of specific projects. Be careful, however, to do business with a professional in the field to avoid risks and disadvantages. Use our services and benefit from the best contact network in terms of private financing , everywhere in Quebec .