Loan & Credit Card debt and consumer proposal
Question: Is a Consumer Proposal a better option than a 2nd Mortgage with a private lender?
Answer: It depends on the cost of the second mortgage, and the cost of a consumer proposal.
Our debt options calculator can give you a rough idea of the cost of the consumer proposal, and your lender can tell you what a second mortgage would cost. You can then compare the two options and decide which option is best for you.
If you have substantial equity, and can qualify for a second mortgage, that may be the best option. If however you don’t have much equity, and you can’t afford the mortgage payments, a consumer proposal may be the best option. A trustee can provide you with a no charge initial consultation to explain the costs of the consumer proposal in more detail.