MortgageClub.ca is a trusted source for debt consolidation with home loans. We offer a diversity of options, expert guidance and a fast process for refinancing to consolidate your debt.
Do any of the following apply to you?
Overwhelmed by debts?
Collectors always calling?
Bills accumulating day by day?
Mortgage payments behind?
Property taxes behind?
If you answered 'yes' to any of the above, we can help.
The difference between credit card debt and a mortgage can, financially speaking, mean thousands of dollars. Why? Because unlike your mortgage, the interest you pay on a credit card is a higher rate. Because of this, credit card debt is often referred to as "bad debt" whereas your mortgage is considered "good debt." Using your home equity to pay off your high-interest credit card debt can save you money in the long run. Using your home equity, rather than your credit cards, to finance expensive purchases can also be a smart move.
Example
Crowntrust helps many clients every month, leverage the equity in their home to consolidate the debt and lower their overall payments. The following example clearly shows the money that can be save each month.
| Before Debt Consolidation |
| Existing Mortgage |
| Property Value |
$170,000 |
| Mortgage Balance |
$130,000 |
| Interest Rate |
8.2 % |
| Term |
5 year |
| Monthly Payments |
| Credit Cards ($8000) |
$250.00 |
| Other Debt ($3000) |
$150.00 |
| Mortgage |
$1021.43 |
| Total Payments |
$1,421.43 |
|
|
| After Debt Consolidation |
| Crowntrust Mortgage |
| Property Value |
$170,000 |
| Mortgage Balance |
$141,000 |
| Interest Rate |
5.75 % |
| Term |
5 year |
| New Monthly Payments |
| Credit Cards ($0) |
$0.00 |
| Debt ($0) |
$0.00 |
| One Mortgage Payment |
$898.81 |
| Total Savings |
$522.52 |
|
|
As this example shows, we were able to refinance the existing mortgage before the term was up and got the money needed to pay off all debts and lower the monthly mortgage payment by $122.52. The total saving of $522.52 per month can be put into an investment or use toward a new car or vacation.
Your next step ...
Why fall further into debt when a debt consolidation mortgage loan can provide much needed relief and flexibility! If you still have questions, please call us at (416) 238-5885 or (416) 249-1039 to talk to a refinance expert today. We can help you determine which refinancing option is best for your situation.
Take Control of Your Financial Situation
- Refinance to a lower mortgage rate and get cash to pay off your higher-interest debt.
- Make one monthly payment instead of several and pay less every month.
Get Approved and Start Improving Your Credit
- Even with less-than-perfect credit, MortgageClub.ca can help you.
- Paying off your higher-interest debts can help you repair your credit rating.
Calculate How Much You Can Save
- Enter your current mortgage balance and monthly payment into our online debt consolidate calculator as well as all your current debts and we'll show you your monthly savings.
Our team of professionals can help you with a variety of mortgage refinance options and terms, so that you have a customize solution that makes sense and fits you! They will evaluate your current situation and ensure that your financing objections are met.
Apply Now or call for a free consultation (416) 238-5885 ask for Grace or (416) 249-1039 ask for Jason
