New Mortgage Rules Making it Hard to Refinance – So Don’t!

October 18, 2017 | Category: ,

Over the past few years, there have been several new mortgage rules that have made it hard for the average Canadian to not only get approved for a mortgage, but also harder for homeowners to refinance or take out second mortgages. Stress testing and new limits on refinancing have made it increasingly difficult to access the money in equity that you, as the homeowner, have worked so hard to build.

If you’re concerned that the new mortgage rules are going to make it hard for you to refinance, why not consider the alternatives?

If you have considerable equity in your home, you can use that equity for a home equity personal loan.

A home equity personal loan is not a secured loan or a second mortgage. It’s simply a loan arranged for you based on your responsible money habits in the past and the fact that you own your home. That means there are no costly appraisal fees or lawyer fees, none of the traditional closing costs associated with a mortgage because, well, it isn’t a mortgage! This not only saves you a ton of money, it also saves time. Home equity personal loans can be completed and approved in as little as one day. Furthermore, with fixed interest rates that will not fluctuate, you never have to worry about the cost going up if the BOC changes the Canadian interest rate.

Use a home equity personal loan for whatever you want:

  • Debt consolidation for high interest payday loans, credit cards and other debt.
  • Home renovation
  • Vehicle purchase
  • Your child’s education

This is not a traditional home equity loan either. While it is based on your home equity, it doesn’t tie down the home to the loan. This loan recognizes that the home exists, acknowledging your assets and how hard you’ve worked, but it does not get registered against the title.

Since this is not a second mortgage, and thus it is not registered on title, you also get the convenience of only one signature required, meaning less hassle and time spend getting things signed off and that much needed money in your hands quickly.

At Prudent Financial, we can help you access that home equity with a home equity personal loan that is quicker and easier to get than a conventional second mortgage. You’ve worked hard to get where you are, use that hard work to your advantage.

Find out more by calling 1-888-852-7647 or visit


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