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Trends for Refinancing Mortgages in Waterloo

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Fix Your Tax Debt Through Refinancing Mortgages in Waterloo

There is old saying by Benjamin Franklin: "In this world nothing can be certain, except death and taxes". Sadly this is all too true, and taxes affect everyone. From Vaughan to Waterloo and all across Canada, everyone in every tax bracket owes tax, whether you are self-employed, hold down three jobs, or cash out from your RRSP. Tax debt can completely change your lifestyle and needs to be taken care of right away. One should reassess where they stand with their mortgage payments and arrears on their property tax. If homeowners are behind in mortgage or property tax, they should consider getting a loan.  Alternatively, Waterloo homeowners can take out a home equity line of credit or second mortgage. It is best to make these decisions under the guidance of an accredited mortgage specialist.

Finding a Mortgage Specialist

It can be hard to find a trusted mortgage specialist, especially when first breaking into the housing market. The Canadian Association of Accredited Mortgage Professionals (CAAMP) is a great resource when looking for an industry professional to guide you through all things mortgage related. CAAMP was founded in 1994 and has been committed to excellence and government standards and regulations. CAAMP is working hard to ensure that mortgage brokers are accredited professionals nationwide by developing the Accredited Mortgage Professional (AMP) in 2004. They make sure that the mortgage industry is up to date with facts, figures, and the media. Their mission statement on CAAMP is to "To provide leadership, advocacy, education and information to ensure successful collaboration between the association, its members, regulators, and mortgage consumers.”

Why Refinancing Matters

When your expenses and taxes are too hefty, you should consider refinancing your with a Waterloo mortgage broker. This is because taxes are owed to the government, who can use their power to collect owed debts. The Canada Revenue Agency (CRA) has the authority to forcefully collect taxes, and under the Bankruptcy Act the CRA is able to deduct automatically from wages, freeze bank accounts, and make equity claims. This can be stopped by either paying your tax debts or filing for bankruptcy. The damage can be repaired by refinance your mortgage with a mortgage broker. They can tailor a repayment plan with a consumer proposal that needs approval from the CRA to be valid.

Myths about Taxes

Many people assume that because tax debts are governed by tax laws, they are subject to special rules and can be treated differently. There is some truth to this thought, since there is the option of making a consumer proposal to the government unlike other lenders and banks. The real difference comes in the CRA’s authority as they are able to collect owed debts when other creditors cannot. It is recommended to act as fast as possible since the longer the delay, the more debt piles up. That's why a Canadalend mortgage broker can help - contact them today to get back on track by refinancing mortgages in Waterloo. 



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    Thank you Canadalend for helping me with mortgage approval advice.
    By Flux
    Very Helpful financing and lending information!
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