Consolidating debt into mortgage canada
Or you could invest in RRSPs or RESPs and reap some tax benefits.Or consider putting some funds aside each month into an emergency fund – so you never have to run up the credit cards again. If you would like to explore your refinancing options, please don’t hesitate to contact me.
With a mainstream lender, your new mortgage amount needs to be less than 80% of the home’s market value; with an alternative lender, we can usually go to about 85% of the market value.
Just compare mortgage rates with what you’re paying on your credit cards and other debts! We list your current debts – both the total amounts owed and the monthly payments you have to make.
We then create a scenario that takes into account your potential new mortgage, with the applicable monthly payment.
We can show you how to use your home equity to consolidate your high-interest debt into a new or existing mortgage.
It often makes sense to roll large amounts of high-interest debt into a mortgage. Because we are benefiting from mortgage rates that continue to be among the lowest in decades, while credit card rates can be 10 times as high.