Need a Debt Consolidation?
Do you have too much debt? Are monthly credit card debt and installment loans getting in the way of your financial goals? Then consolidating your bills into one easy payment is the right option for you. If you are a home owner you can qualify to consolidate all your high interest credit card and installment debts into one loan at a fraction of the interest rate.
When comparing Revolving Debt (Credit Cards and Line of Credits) vs. Installment loans (Mortgages, vehicle loans, personal loans etc.) people need to understand that revolving debt does NOT carry a term, where an installment loan has a fixed payment and term ex. 48 months therefore the loan is over when it is said to be over.
- ex. John Smith has credit card debt of $5000, the rule of thumb when you apply for a mortgage is that they use 3% of your current balance to determine your minimum monthly payments which is usually what you see on your bill. Therefore, John has a monthly payment of $150 which does not bring his balance down nor will his term end, so then John can be paying $150 a month for the rest of his life because revolving debt does NOT carry a term. If John consolidates his debt into a Home Equity or Second Mortgage he can put that $150 dollars into the loan where he knows when it will be paid off at the fraction of the interest rate of the credit cards.
There seems to be a common misconception that putting a lien on your home, taking out a Home Equity loan or a Second Mortgage is deemed negative and is frowned upon. More and more homeowners are using the equity in their homes as financial leverage to accommodate their lifestyle and budgets. Don't be afraid of using the equity in your home; you have worked hard for your home, now have your home work for you!
Debt Consolidation Loans
Breathe easier with lower monthly payments, lower interest rates and have the security knowing that your debt will be over when it says it will be over; you can start planning your future by clicking below. Our XPXMortgages.ca Mortgage Brokers have lenders who can lend up to 100% of the value of your home. Contact our XPXMortgages.ca Mortgage Broker and let them know you want to start a consolidation loan using the equity in your home now!
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