Toronto Debt Consolidation Mortgage
Get Your Debt Consolidation Mortgage Approved!
Save Money and Eliminate High Interest Debt.
A Toronto Debt Consolidation Mortgage can help you save on your high interest debt payments and free up monthly cash flow.
With credit cards and loans being easily available to Home Owners, it is no wonder Home Owners in Canada are carrying more Debt than they can handle. Carrying too much Debt can have a serious impact on your credit score and cash flow. It is very easy for debt to pile up and become unmanageable, especially when you have Debt from numerous lenders with varying interest rates. Trying to keep up with high interest payments can become difficult. If you miss a payment or two, you could be in trouble, your credit score can start to suffer, and not to mention the interest from the original Debt and miss payments can get out of control fast. The task involved in balancing your credit card bills, auto loan payments, mortgage loan payments, and other payments, can become difficult if it is not managed properly, a Toronto Debt Consolidation Mortgage can help.
Home Owners, here is something to consider; if you are like most people who only make minimum payments on credit cards, It can take you over 20 years to pay off your credit cards by just paying the minimum balance. That’s a long time, just to be paying a credit card balance. By just paying the minimum you are adding more Debt to your existing Debt and preventing yourself from becoming Debt free much sooner.
Here is something else to consider, a $10,000 credit card balance card can cost you up to $300/month in interest only payments, and a $20,000 credit card can cost you up to $600/month in interest only payment!
So let’s just say it will take you 10 years to pay off your credit cards because 20 years is too long. So over 10 years of making the minimum payments, (which is not a smart idea and you should never do) that’s $36,000 paid on a $10,000 credit card balance and $72,000 in minimum payments only on a $20,000 credit card balance. It’s a lot, I know.
Home Owners, if you are stuck in a situation where you are only able to make minimum balance payments, you should really consider a Toronto Debt Consolidation Mortgage. Not only will this allow you combine all your high-interest Debts into one, so that you only have to make one monthly payment under a lower interest rate. You can also further reduce your monthly payment amount by extending your repayment period. This is usually done by using your home Equity as collateral.
Here are 3 very important and key benefits of a Toronto Debt Consolidation Mortgage;
- Lower monthly payments resulting in increased cash flow
- Less money paid in interest due to lower interest rates
- Convenience of making just one payment each month (easier to manage your finances)
As a Home Owner you have many options available to you to explore and as a Toronto Mortgage Broker, I can help you find the best solutions for your Toronto Debt Consolidation Mortgage.
After working so hard to build up Equity in your home, you might as well use it when you need it most! Don’t let your credit or income situation stop you from being able to lower your high interest Debts, apply for a Toronto Debt Consolidation Mortgage today.