How do I handle my debts and reduce my monthly bills?
What do you think of when you hear the word “mortgage”? You might think of financial investment or saving for the future, but in reality, a mortgage is little more than a long-term loan.
However, even though a mortgage is a loan similar to many other forms of debt, your mortgage can also give you a vast range of options for saving money on other household debts and financial commitments.
Mortgage Refinancing and Debt Consolidation
If you have a number of outstanding debts, like personal loans and credit cards, you can consolidate these debts into your mortgage and pay a smaller monthly amount than you would without consolidating multiple loans. This can really help take the pressure off your finances and free up cash for the things you want to do in life.
If you think that mortgage refinancing is not worth the penalties involved, think again. The Canadian mortgage market currently offers extremely low rates and this can be your ticket to newfound financial freedom.
The best way to understand and access all your available options is to chat with a mortgage broker. I can help you calculate exactly how much you are currently paying and show you exactly how much you can save with remortgaging and debt consolidation.
Is Debt Consolidation the Right Option for Me?
Whether or not consolidating debt is the best choice for you will depend on your individual circumstances and the amount of debt you have. However, keep in mind that debt consolidation is not the same thing as debt elimination; one way or another you will have to pay off what you owe, and in many cases, consolidation means having to pay off debt over a longer period of time.
Debt consolidation is not the only reason why you would want to refinance your mortgage. You might want to switch between fixed rates and adjustable rates, borrow money against your property to pay for a big renovation, or decrease loan terms to help you build your finances faster.
Your mortgage is tied to one of your most important assets and you should remember this when thinking about consolidating your debt. It may or may not be the best option for you, but when you choose the services of a reputable mortgage broker, you will have the power to understand your position and make the best possible choice for your future prosperity.
Contact me today to discover your mortgage debt consolidation options.