Mortgage Refinancing and Debt Consolidation
Financial debt can be a stressful experience; but finding a way out of debt doesn’t have to be difficult. Getting into debt is a reality that most people go through at some point in their lives. Being in debt is not necessarily a bad thing, but staying in debt is. The key to getting out of debt is to have a proper debt strategy that takes into account your financial situation, living standards, and debt options available. This will help you get out of debt faster without having to compromise on your way of life.
How does it work?
It’s quite simple actually! Debt backed by real estate property carries a far lower interest rate compared to other debt, such as credit card debt, car loans and RRSP loans.
For example, credit card debt usually carries an annual interest rate of 25%, while the annual interest rate you pay on your mortgage can be as low as 2.5%!
This is why using the equity in your home to pay off your credit card debt can result in dramatic savings.
More Cash In Your Pocket Each Month
You can increase the amount of money you save each month by using the equity in your home to refinance your mortgage and consolidate your debts. This will lower your monthly payments and eliminate your high interest debts, such as credit cards, loan or unsecured lines of credit.
Advantages of Debt Consolidation
- Lower interest rate
- Lower Monthly Payment
- One easy payment each month for all your debt
- Improved credit rating
- More cash in your pocket
But best of all you get peace of mind with the knowledge that you are in control of your debt and not that your debt is controlling you.
Refinancing Your Mortgage to Control Debt
At Mortgage Alliance – Main Street Mortgages we understand the stress and sleepless nights that is caused by debt and we are passionate about helping people like you improve their financial situation. Every situation is unique so we start by first understanding you and then determine the best strategy for your situation. These strategies can include:
- Refinance your existing mortgage
- Arranging a 2nd mortgage and/or
- Arranging a Home Equity Line of Credit
This will help you leverage the equity in their home to refinance your mortgage and consolidate your debt. This can save you money with a lower overall monthly payment.
Getting You the Right Mortgage Refinancing Solution
The right mortgage varies for each individual and there are many factors that need to be considered. After analyzing your current circumstances and helping you project into the future, we can find a solution that will allow you to not only get approved for a mortgage refinancing but will have:
- A favourable rate giving you more cash each month in your pocket
- Acceptable terms based on your priorities
- The peace of mind that you chose the best option
This is achieved by educating you on all of your options
Why Choose Main Street Mortgages
At Main Street Mortgages we are passionate about helping people in tough situations. For us it’s not just about helping you reduce your debt burden, we also provide the right options and outstanding customer service that gives you peace of mind for making the right decision when it comes to your biggest financial obligation.