Can the balance of my consumer proposal be added to my mortgage?
April 13th, 2010 by Questions
I am renewing my mortgage and was wondering if i was able to add the remaining portion of my consumer proposal to my new mortgage. I still have 3 and a half years of payments remaining and if i was able to add it to my mortgage would my proposal be complete?
Posted from: Ontario
One Response to “Can the balance of my consumer proposal be added to my mortgage?”
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April 14, 2010 at 6:51 am, A licensed trustee said:
There are pros and cons to what you are suggesting – the biggest pro is that you’ll be done with your proposal and may therefore start rebuilding ytour credit. The biggest con is that you will be charged interest on the mortgage and there are no interest charges on the proposal.
So, you have to decide for yourselves if the advantages out weight the extra cost.
Certainly ask your mortgage company if they will allow you to do this – given the proposal they may not want be interested in doing this for you.