Consolidate Your Debt through Mortgage Re-financing

When a client accumulates debts with high interest rates, it is best for them to use the value of their home for debt consolidation purposes. People whose home equity has increased over time have the option of re-financing their existing mortgage and taking a higher mortgage based on the increased value of their home.

As per the Credit Counseling Society, the average Canadian family carries over $30,000 in revolving credit and the average credit card interest rate ranges between 15-25%. It makes so much more financial sense to pay off a debt with a high interest rate and replace it with a mortgage at a much lower rate.

With a mortgage refinance, the client can pay off all their debts and still have lower payments, which would dramatically improve their cash flow position. Once the debts have been paid off, the client can now tackle the task of paying down their mortgage with the extra cash they are generating and saving on the side.

For more information about mortgage products and our other services, give us a call today 1-888-955-9011