Debt Consolidation
Use your home equity to reduce your high-interest debt.
Many Canadians are taking advantage of refinancing some of the equity in their mortgage to reduce their credit card debt. Why pay high interest rates on your bank’s credit card debt when you can add that debt to your mortgage and pay a much lower interest rate! One important part of a strategy is knowing “good debt” from “bad debt”. A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way.
- Consolidate high interest rate credit cards, loans and line of credit into one lower rate.
- Save money and increase cash flow.
- Reduce stress knowing that your financial situation is now manageable.
If you’d like to have a conversation about refinancing your debt, give us a call today to review your options.
Does a refinance make sense for you?
For many Canadians, their home is a big part of their personal wealth. Home equity can build nicely by chipping away at payments and through increasing home values.
Accessing home equity through a refinance has for years been an easy, low-cost way to get needed funds. We can refinance your home up to 80% of it’s current value – meaning you may be able to pull thousands of dollars out if you need it.
5 Reasons To Refinance
- Fresh start. If you have too much high-interest debt, you may be able to roll everything into one manageable monthly payment on a low-interest mortgage. Then you get a financial re-set, and can potentially save thousands of dollars in interest.
- Dream home. If you’ve found the perfect cottage, chalet, or the retirement home of your dreams, refinancing may be the way to make that purchase happen now if you’re not quite ready to sell your primary residence.
- Renovate. Renovating your home is often a less expensive option than moving. And the right renovations can improve the quality of your life and increase the value of your home.
- Wealth building. A rental property can give you a great wealth building opportunity and a source of retirement income. Or you may want to invest in a new business venture.
- Large expenditures. You may be able to get the funds you need for major expenses (tuition, wedding etc.): a much better strategy than loading it all onto high-interest credit cards.
Learn more about refinancing your mortgage
As mortgage policies change, we are always updating our video library with fresh content. Have a peek at some of our videos that focus on refinancing below!
