What is Debt Consolidation and how does it benefit you? Did you know that you can use your home equity to consolidate high interest rate loans and credit cards? Furthermore, debt consolidation is a great way to save you money. It eliminates high interest debt and lowers your monthly payments.
Home equity loans can be an effective way to consolidate outstanding debt, reduce interest costs and monthly payments. It will put you on a path to becoming debt free. Consolidate those hefty monthly car payments, credit card payments and even take out additonal funds for renovations or a safety net.
The more equity you have in your home, the more funds that are available to you for debt consolidation.
A HELOC (Home Equity Line of Credit) can be advanced up to 65% appraised value of your Home. The interest payable is based on the outstanding amount so if you do not use it, there is no interest payable. You can also refinance your existing mortgage up to 80% of the appraised value by adding your high interest rate debt into your existing fixed rate or variable rate mortgage. A refinance may include a penalty if you are breaking your existing term. Penalties are normally the greater of 3 months interest or the Interest Rate Differential. You can also refinance at the end of your existing term to avoid any penalties.
Get pre-approved today and start your path to becoming debt free!
Refinance your mortgage to consolidate your debt into a lower interest rate.
One Payment VRS Numerous Payments:
A debt consolidation mortgage is specifically designed to procure funds for the simultaneous settlement of multiple debts. In this financial process, the role of your mortgage broker is pivotal, guiding you through the intricacies involved. Your broker will play a crucial role in facilitating the process of obtaining a loan from a lender, with the aim of not only matching but potentially surpassing the total amount of your outstanding debts. The intricate nature of consolidating various financial obligations into a single repayment is where the expertise of a mortgage broker truly shines. This strategic approach, masterfully handled by your broker, will streamline your debt management journey, ensuring you are left with the simplicity of managing just one loan and making a singular payment.
More Manageable Payments
This strategic approach adeptly transforms your financial landscape into a more manageable terrain. Instead of juggling multiple debts, you are presented with the ease and convenience of one payment. This, in turn, not only alleviates the stress associated with managing multiple debts but also provides you with the opportunity for enhanced financial stability. Additionally, it sets you on a clearer path towards debt resolution, allowing you to navigate your financial journey with greater ease and confidence.
In the realm of debt consolidation, the expertise of your mortgage broker becomes a guiding force, offering you personalized solutions that align seamlessly with your financial goals. By consolidating your debts into a single mortgage, you gain not only potential financial benefits but also the opportunity for more favorable interest rates and terms. Acting as a crucial liaison between you and the lender, your mortgage broker plays an integral role in this process. Your broker will actively negotiate terms that specifically suit your unique circumstances, ensuring a tailored approach that caters to your financial needs. This collaborative effort with your mortgage broker ensures a comprehensive understanding of your financial situation and allows for the customization of the consolidated loan to meet your specific requirements.
If you find yourself navigating the complexities of debt and seeking a streamlined solution, consider reaching out to Gitta today! By consulting with Gitta, you can explore the possibilities of debt consolidation, paving the way for a more sustainable and organized approach to managing your financial obligations. Taking the first step toward financial freedom has never been more accessible. Reach out to Gitta today, and embark on a journey towards a more secure and stress-free financial future.