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Consolidate Your Debts Using the Equity in Your Home

Posted by Ontario on October 27, 2015 in Business, Finance, oakville ontario with No Comments

consolidate debts Toronto OntarioWhat is Debt Consolidation?

If you’re like many Canadians, you probably have a variety of outstanding loans, including your mortgage, car loan, and credit card payments. While most Canadians may have a few other outstanding debts to pay, unsecured loans – like store and credit cards- come attached with a high interest rate. The higher the interest rate, the harder it is to pay off such debt. This is why debt consolidation programs are available – to help borrowers to pay off their high interest loans much quicker and easier.

Debt consolidation involves combining all your outstanding loans into one loan amount. This is done usually at a much lower interest rate, especially when compared to credit or store card loans. Not only is this debt easier to pay off thanks to the lower interest rate, it’s also easier to manage, since you’ve only got one monthly payment as opposed to several. When you consolidate debts Toronto Ontario, you can realistically pay off your debt much sooner, providing you with financial freedom sooner rather than later.  You will also save much more money in interest payments, and probably have additional cash flow each month – depending on how aggressive you want to be with repayment.

How Can You Benefit from Debt Consolidation?

The benefits of debt consolidation are quite obvious. First of all, this rolled-into-one loan amount will typically come attached with a much lower interest rate compared to the other debt you may have been carrying since it is tied to your home. Credit cards in particular can charge upwards of 20%-30% in interest, making your monthly payment predominantly interest instead of principle, and you end up paying interest on the interest if you can’t pay it off each month. Another advantage for consumers when they use the equity in their homes to consolidate debts is the fact that they only have one loan to worry about, instead of many separate payments all due at different times. This makes it easier to manage and budget each month, and generally improves cash flow with the lower payment.

Debt Consolidation OntarioHow to Get Started in a Debt Consolidation Program

If you’re finding it difficult to manage all your outstanding loan payments, you might want to consider taking advantage of a debt consolidation program. With today’s low home loan interest rates, the difference between a secured home equity loan and unsecured credit card debt can be 20% or higher. An experienced mortgage broker can help you get started with this program, and assist you in getting all your finances in order.

The professionals at Mortgage Medics are seasoned in the world of consolidating debts, and they’ll be sure to help you too! Visit their website today at MortgageMedics.ca or call (905) 847-6611 to schedule a free, no obligation consultation!  They can also arrange a second mortgage, home line of credit or home equity loan so you can consolidate debts, make a big purchase, finance education, travel, etc.  Put your home to work for you and use the equity to pay down high interest debt and buy the things you need now.


Solve Your Financial Dilemmas With Debt Consolidation

Posted by samanthas on November 15, 2012 in Home Living Tips with No Comments

Many Canadians are facing high amounts of debt that they just can’t seem to get out of. This common problem can often be magnified with all the sky-high interest rates that these consumers are paying on money they owe to lenders and creditors, especially in the form of unsecured loans.

Many Ontarians often have debt in more than one place – home mortgages, credit card debt, car loans, student loans, and so forth. Keeping track of all these various loans to pay off on time and in full every month can prove to be challenging. Not only that, but many of these loans are often charged exorbitant rates, particularly credit cards.  Some interest charges can be upwards of 29% and even 30%!!

Nowadays, debt consolidation has become more and more sought after by home owners, considering the great advantages it provides for those with many outstanding debts. By taking advantage of current low interest mortgage rates, you can potentially save thousands of dollars in interest alone, and pay off your debt much faster.

How Does Debt Consolidation Work?

For those who have enough equity built up in their homes, debt consolidation may be a program that can help you deal with outstanding debt and creditors. Rather than taking out various loans to help pay off debt, or having various creditors to deal with, debt consolidation works to combine all debt into one monthly payment. You can use the equity in your home to pay off all outstanding debt, and be left with one simple, easy to manage, lower rate payment at the end of the month.

By leveraging the money that you have already built up in your home, you can essentially be free of tracking multiple bills, and drastically lower the interest rate you pay to service your debt. This can not only help you save a great deal of money in unnecessary interest, but it can also help you pay down your debt at a much faster rate.

Call Lee Anne Taylor, a professional mortgage specialist who can sit down with you and discuss the benefits of debt consolidation Oakville Burlington for your particular situation, and see if it’s right for you. She can discuss your many options including: a mortgage renewal; second mortgage; equity line of credit or a secured home loan.  Don’t delay – call now and be on your way to financial freedom!  You can reach Lee Anne (a Dominion Lending Centres agent)  at Home Loans Ontario: (905) 336-8948.


Refinance Your Mortgage to Pay Off Debts With Debt Consolidation

Posted by samanthas on May 26, 2012 in Home Living Tips with No Comments

Many Canadians have multiple loans that they are paying each and every month. Many of these loans are charged at a high interest rate, which means a lot of the money you are paying on these loans is going towards interest rather than outstanding principle. Debt consolidation can help you save thousands of dollars in interest by using the equity in your home to combine all your loans into one monthly payment at a lower interest rate.

What is Debt Consolidation?

Consolidating your debt involves the process of replacing all your outstanding debts with one manageable loan. Canadians are able to borrow enough cash in one home equity loan in order to pay off all other outstanding debts. For example, you may have a car loan, credit card debt, and student loans that you are making payments on. Rather than having multiple loan payments, you can consolidate them all into one convenient and easy to manage loan. In this situation you would only be making one payment per month rather than multiple payments at varying interest rates.  The payment amount is generally lower, which can also help with cash flow.


What Are the Benefits to Consolidating Your Debt?

You may consider this type of consolidation for a variety of reasons, including:

  • Lower interest rates on the one loan, rather than higher interest rates on other outstanding loans;
  • Lower payments due to extended terms on the debt consolidation;
  • Reduction in payments with one easy to manage monthly payment;
  • Free up cash flow by spending less on interest.

Considering the fact that interest rates on mortgage loans have been extremely low in the recent years, you could potentially save quite a bit of money every month by using the equity in your home, if you qualify – which is charged at a lower interest rate – to replace all your other loans that are most likely being charged a very high rate. Credit card and store card debt especially is charged at extremely high rates. By paying off this high interest card debt with your home equity or other consolidation loan, you can even free up some cash flow by utilizing one lower interest home equity loan to pay off all your other outstanding debt.

A home equity line of credit is another great option, where you have credit available to you up to a set limit.  You can borrow and pay back as needed and only pay interest on the amount you have actually borrowed.

If you are one of the many Canadians who have a variety of outstanding loans at very high interest rates, you may be able to take advantage of debt consolidation. Call a knowledgeable mortgage agent like Lee Anne Taylor and see how she can help you save money by lowering your monthly payments.  She can show you all the options available to use the equity in your home to reduce interest payments and improve cash flow.