Debt Consolidation

If you have debt, any type including but not limited to credit cards, car loans, student loans or line of credit, you’re likely experiencing a lot of mental stress and difficultly in keeping up with the multiple monthly payments. Debt consolidation via refinance allows you to immediately pay off your debt and saves you thousands of dollars in interests costs, while reducing your monthly payments by up to 70%.

 

I want you to walk with me through this exercise, it’ll show you how much money you’ll be able to save. Gather all your monthly statements and write down the type of debt, the outstanding balance, the current effective interest rate, and the monthly payment.

 

Debt Name	Balance ($)	Interest Rate (%)	Monthly Payment ($)	New Monthly Payment ($)
Credit Card	65,000	19.99	1,950.00	0
Line of Credit	20,000	8.00	600.00	0
Car Loan	45,000	5.50	858.27	0
Mortgage	310,000	3.00	1,468.00	0
Total	$ 440,000		$ 4,876.27 (1)
New Mortgage	$440,000	2.84%		$ 1,813.40 (2)
Total Savings				$3,062.87 (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on the example above, you can see that your total monthly payments are $4,876.27 (1) and after refinancing your home, your new monthly payment will be $1,813.40 (2) – a difference of $3,062.87 (3) per month or $36,754.44 a year. All your debts are paid off, you’ve increased you’re monthly cashflow and you only have one new low monthly payment.

 

Debt consolidation mortgage will also dramatically increase your credit rating within two to three months. Canadian homeowners know the power of credit and how important it is when it comes to obtaining products, assets, or services. Once you’ve paid off your loans, you’ll have a higher credit rating, which means more advantages and opportunities.

 

Buy A Property to double the benefits of homeownership and capitalize on real estate value overtime. With a higher credit score, you’ll likely be approved for a mortgage. Own more than one property; rent it out, add an extra income stream to your wealth and cash out in the future when prices increase. Real estate investment in Canada is one of the safest investments that can accelerate your financial growth.

 

Low Credit Card Promos you’ll often receive from credit card companies offering you extremely low interest rates. When you have decent credit, you can take advantages of these promotions, but do so wisely. Use the promotions to invest in avenues that’ll give you a greater return than the credit card rate. You can also use it for common expenses and combine it with the credit card rewards systems, which most cards offer.

 

Credit Card Rewards and easy approval of a credit limit increase will give you added benefits when you have good credit. All major credit card companies offer rewards to their customers. Make all or most of your purchases via your credit card and take advantage of their points or rewards system to receive kickbacks and rebates towards future purchases, travel, gas, insurance and other incentives. You’ll save a lot of money just by using your credit card and make sure your monthly statement is paid in full by the due date.

 

Low Rates you’ll likely be approved for when you have a decent credit rating. Many businesses such as government agencies, insurance companies and employers look at your credit to provide you with opportunities, services, or loans. People with good credit are generally favored upon due to low risk and their aura of accountability. You’ll have a peace of mind that you’ve getting the best deal on the market for any type of loan or service you’re interested in.

 

Refinance your home to consolidate debt and be in a better position. This is not a consumer proposal or bankruptcy. You’ll clear your debts, reduce your monthly payment by up to 70%, save thousands of dollars, have only one new monthly payment, have additional cash on hand, and boost your credit rating to expand your financial horizon. Plus, the added emotional benefits of peace of mind, being in control and feeling of well-being is priceless.

 

To qualify for debt consolidation, you only need to be a homeowner.

 

Connect with us today, we’ll assess your debt, show you how much you’ll save and provide the best feasible solution.