Refinance Mortgage to Consolidate Debt

Save Interest By Consolidating Credit Card Debt

Do you currently own a home and have more than 20% equity in the property? Do you have credit card or other consumer debt, student loans, or other balances which are charging you high interest rates? While your mortgage may not be your only debt, it’s almost certainly the debt with the lowest interest rate and thus the least expensive. Why not consolidate debt by obtaining a refinance mortgage by using your home equity to pay off your other debts? You will end up with a single monthly payment at a much lower interest rate, pay down your debts much more quickly, and save thousands in interest. You may not realize, but your unsecured debt such as credit cards, a personal line of credit, and other loans typically carry much higher interest rates than a mortgage.

With the significant appreciation in housing prices over the past decade, many Canadians are taking advantage of low interest rates and lender refinance programs. Although debt consolidation is not a suitable option for everyone, you may want to carefully consider whether refinancing your home to pay off credit card debt, loans or line of credit would make sense in your circumstances. You may be surprised by the amount of money you can save.

Benefits include:

• a single monthly payment rather than multiple payments
• lower interest rates
• money left over to invest

Refinance Mortgage For a Lower Interest Rate

With interest rates at extreme lows, now is a great time for a refinance mortgage and lock in at a lower rate.  Whether your current mortgage is up for renewal or whether you are in the middle of your current mortgage term, discuss your situation with us and receive a free, no-obligation financial analysis to determine a plan which will save you the most money.

Refinance Mortgage for Renovations or Home Improvements

No need to consolidate debt? A refinance mortgage can also be a great way to obtain the necessary funds to complete additions, renovations, or other home and property improvements. With refinance mortgage loans offering much lower interest rates than any other type of unsecured financing option, you will surely save a significant amount of money in interest over time and be able to get started right away!

Thinking about a refinance mortgage to consolidate debt and take advantage of current low interest rates? Contact us about Ontario refinance options and how much you can save over the mortgage term. We are looking forward to working with you!