DEBT CONSOLIDATION MORTGAGE
The Struggle is Real
Our mortgage advisors get it… With the growing cost of living, increasing price of goods, rising interest rates, and the odd personal emergency – it’s no surprise that many Canadians are feeling the pressure of mounting debt.
Aside from budgeting and reducing personal expenses, another option for reducing debt (and the amount of interest that you pay on it), is to complete a consolidation with a licensed mortgage broker, using the equity in your home.
Free up your cash flow and get your debt under control by consolidating your payments into one loan. Once these debts are paid, you will only have one monthly payment on the consolidation loan at a lower interest rate than your typical credit card or unsecured loan.
Could a Debt Consolidation Be For You?
If you say yes to these questions, it may be time to connect with our team of Toronto mortgage professionals to see if this could be for you.
- Do you have stable and consistent income?
- Do you have a credit score of 600 or higher?
- Do you own a home with more than 20% equity available?
Using home equity to pay down debt
You don’t have to stress and struggle! If your mortgage is coming up for renewal, this is a great time to speak to one of our trusted and certified mortgage advisors to see if consolidating your debts into a traditional mortgage at the time of renewal is available.
If you still have a few years left in your mortgage term, but are feeling the pressure of debt burdens, don’t stress, our team of Toronto mortgage agents is here to help. Even if you are not up for renewal, there is an opportunity to apply for a Home Equity Line of Credit (HELOC) which can be used to discharge those overwhelming debts you’d like to get rid of. The amount loaned is set as a revolving line of credit meaning you will only have to pay interest on the balance owing, and the remainder of your payments towards the HELOC will help to quickly pay down your balance.
Talk to our debt consolidation experts!
Paying down debt is one of the best financial decisions you can make towards living your best life. Working with a mortgage consultant to complete a debt consolidation can be a great way to achieve your financial goals faster.
Our bad credit mortgage brokers are on stand-by to help you navigate each step from initial contact all the way to approval.
Our top mortgage brokers are here to help you address your spending habits, mortgage payment budget, plans for staying in your home and more. Let us help you navigate the big questions so that we can get you one step closer to financial freedom.