Many Canadians are carrying consumer debt from several sources – credit cards, car loans, personal loans – and are paying much more in interest costs than they should be. An option that many are turning to is paying off higher interest debts with funds secured through a refinanced mortgage that has a lower interest rate.
Debt restructuring can offer a simple way to better manage your borrowing costs. Some who restructure opt for lower monthly payments which create a larger monthly cash flow. Others who restructure opt to shorten the amortization of their mortgage. Paying off your mortgage in a shorter amount of time can easily save you several thousand dollars.
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Most importantly, a well thought-out debt restructuring plan can set you up for success, because at the end of the amortization period, your total debt is zero. With revolving credit – such as credit cards – you may be paying a lot in interest without ever attacking the principal.
A Mortgage Intelligence mortgage professional will take the time to review your financial needs and advise on how to use the equity in your home to reduce the interest paid on debt drastically. By restructuring your borrowings you gain more control over interest costs, leaving you with more money at the end of the month
About Mortgage Intelligence
Mortgage Intelligence is Canada’s largest independent mortgage brokerage firm with a national team of over 800 mortgage professionals. Mortgage Intelligence mortgage professionals provide expert, unbiased mortgage advice to first time home buyers as well as those looking to renew or refinance their mortgage, purchase investment properties, or consolidate debts.
When a situation is not understood a solutions can’t be reached. “Your Durham Region Mortgage Doctor” understands how to deal with less than perfect credit. Let us help you get a mortgage approval when others fail to help. We have the power of Mortgage Intelligence behind us! We also have the experience to use it! Contact us now!
