Use your home equity to reduce credit card debt.

Many Canadians are taking advantage of refinancing some of the equity in their mortgage to reduce their credit card debt. Why pay high interest rates on your bank's credit card debt when you can add that debt to your mortgage and pay a much lower interest rate! One important part of a strategy is knowing "good debt" from "bad debt". A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way.

1. Consolidate high interest rate credit cards to one lower rate.
2. Save money and increase cash flow.
3. Reduce stress knowing that your financial situation is now manageable.

 

Lower your debt, boost your monthly cash flow, and be mortgage-free quicker.

If you're carrying high-interest credit card debt that has caused your cash flow to slow to a trickle, you owe it to your financial future to have a conversation about how you can roll that debt into your mortgage so you can save - sometimes thousands in interest - and start building wealth. Worried about penalties? Don't think it can make much difference? Think again. Using today's historically low mortgage rates, you have a golden opportunity to give yourself a tremendous financial boost. By using your home equity to consolidate your debt, you can improve monthly cash flow, have one easy payment, and be mortgage-free quicker,

Look at this example from a recent client (mortgage, car loan and credit cards totalled $225,000; by rolling that debt into a new $233,000 mortgage, which included a fee to break the existing mortgage and legal fees):

    Monthly Payments
  Total Debt Current New
Mortgage $175,000 $ 969 $1,163
Car Loan $ 25,000 $ 495 $ 0
All Credit Cards $ 25,000 $ 655 $ 0
Total   $2,119 $1,163


That's $956 LESS each month!

Make this the start of a new financial life. I'd love to help you crunch some numbers to see what kind of life you could be living! Talk to me about scheduling a review of your situation. I think  you will l be glad you did.

+4.5% current mortgage, 3.5% new mortgage. Credit cards 19.5% and car loan 7%, both 5 yr am. Subject to change. OAC. For illustration purposes only.

If you'd like to have a conversation about refinancing your debt, give me a call today to review your options.  It's time to beat the banks!

 

Get in Touch

First time buyer or refinancing?
Call for a free quote!

Apply Now

We shop for the best mortgage option at no charge to you.

Mortgage Calculators

Crunch the numbers and explore your mortgage options!