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  • Barbara Singh

Debt Consolidation Mortgages

When your personal debts are piling up, high-interest credit cards or loan balances make it seem impossible to manage your finances. However, as a homeowner, you can take advantage of your home’s equity and combine the money you owe into a debt consolidation mortgage.

What is debt consolidation?

Debt consolidation is a short-term or long-term loan that gives you the funds to pay off several debts at the same time. Once those debts are paid off, it leaves you with just one loan to pay, rather than several. This consolidation is very useful for high-interest debts, such as credit cards, payday loans, or even car loans. Consolidation loans will also save you money and provide monthly cash flow.

Why consolidate debt into a mortgage?

Refinancing your existing mortgage by consolidating your high-interest debts can combine two or more debts into one payment. This is a great option if you have high-interest loans and you are only paying the interest rather than the principal. When refinancing, you can get up to a maximum of 80% of the appraised value of your home. Like all mortgages, this comes with a structured payment plan and an assured pay-off date.

Benefits of a debt consolidation mortgage

There are many advantages, some of which include:

  1. Borrowing additional funds from a new mortgage

  2. Lower interest rates

  3. Lower monthly payments

  4. More cash readily available

I Am Here To Help You

Debts can sometimes be overwhelming especially when only making the minimum payment and not seeing the balance decrease. I can guide you and show you how to save money! Call me today at 416-616-9740 or contact me online. I am here to answer all your debt consolidation mortgage questions.

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