Consolidating debt and mortgage

Did you know second mortgage rates can be as high as 24%?Today, you can refinance your existing mortgage to incorporate those debts and remove the debt load without having to take out a second mortgage.Well over 15 per cent of our online applications are about consolidating debt, which means we get thousands of requests.That's because debt consolidation, a type of mortgage refinance, is quite common these days.But many borrowers make the mistake of restructuring their new debt the wrong way, says Trent Bartels, director of “When homebuyers are looking to purchase a property, they’ll often finance their home loan over 30 Years.

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So the first step in debt consolidation is simply to consider whether it will actually work for you.Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance.This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments.There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.The option that best suits you will depend on your credit, available cash and other aspects of your financial situation, as well as your personality. What to do if your debt is insurmountable Get ready to tackle your debts Your options for debt consolidation Ask yourself a few questions to see if debt consolidation is really what you need: Am I serious about paying off my debt?The valuable equity that you have in your home can be used to consolidate high interest credit card debts, credit lines and even car loans.In the past, for a client to consolidate credit card and loan debts, a second mortgage was your only choice.Refinancing can start at today's 5-year rate of 2.44%*.Apply Now to Refinance or Consolidate Your Debt If a person is in a situation where making monthly payments towards paying down credit debt is difficult, debt consolidation is an option.It's not because people are in debt, it's because it makes sense.Pulling equity out of your home at today's great interest rates can save you as much as 22% a month in interest charges!

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