Are the bills piling up? Does your credit need some repair? As a homeowner, one way to start managing some of your debt is to refinance your existing mortgage with a debt consolidation mortgage. The benefits include:
1) Low interest rates – Interest rates on mortgages and home equity loans are often much lower than those on credit cards and consumer loans
2) Consolidated payments – Making a single payment to your debt consolidation mortgage is much easier than making multiple payments to credit cards and other consumer loans
If you have owned your property for 3 years or more, the success rate to consolidate your debts is even greater.
How Does A Debt Consolidation Mortgage Work?
A Debt Consolidation Mortgage allows you to obtain a lower interest rate and a higher credit limit by using the equity you’ve built in your current home. By consolidating your debts, you’ll have the convenience of one consolidated payment rather than having several bills from different creditors. This makes bill payments more manageable and the rate is usually lower, helping you pay off your debts sooner.
To review all your available options, contact the team at Mortgages of Canada. There is no obligation to apply so call today.