Consolidate Your Debt
DEBT CONSOLIDATION…
The proses of debt consolidation is the combining of high-interest debt, brought from several sources, all into a low-interest loan as one.
You may have carried credit card balances and loans, which may be quite high. Take advantage of the equity in your home to reduce your high interest debt. Save thousands off your interest cost by using the historically low mortgage interest rates. Unblock your home value up to 80%, pay off that high interest debt and lower your monthly mortgage payments.
Example:
DEBT CONSOLIDATION/ MORTGAGE REFINANCE / EQUITY TAKE OUT
| Financial Situation Before
Debt Consolidation |
Financial Situation After
Debt Consolidation |
||
| Existing mortgage | New Mortgage | ||
| Home Value | $600,000 | Home Value | $ 600,000 |
| Mortgage Balance | $400,000 | Mortgage balance | $ 450,000 |
| Interest rate | 2.59%* | Interest rate | 2.59%* |
| Term | 5 years | Term | 5 years |
| Maturity | 25 years | Maturity | 25 years |
| Existing Monthly Payments | $1,809.84 | New Monthly Payments | $2,036.07 |
| Credit cards ($30,000 at 21%) | $ 529 | Credit cards paid off | $0.00 |
| Line of credit ($20,000 at 10%) | $ 600.00 | Line of credit paid off | $0.00 |
| Mortgage Payment | $ 1,809.84 | Mortgage Payment | $ 2,036.07 |
| Total Monthly Payment | $2,938.84 | Total New Monthly Payment | $ 2,036.07 |
| Extra Monthly Net Cash Flow | $ 902.77 | ||
*OAC. Subject to change. Based on interest rates as of June 2016 and for demonstration purposes only
There could be an existing mortgage discharge fees, penalties, legal, and other costs associated with refinance.
Here at GTA BEST MORTGAGE we have helped many families with debt consolidation through mortgage refinance. Let us assess your unique financial situation and advise you on your mortgage options.
What’s Next?
*Subject to approved credit, income verification and meeting lending credit granting criterea. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.
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Excellent service, great rates and attention to detail. You walked us through everything so there were no surprises at all. Were grateful that we found your services! Highly recommended for sure.
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Contact
- Address: 2480 St. Clair Ave Toronto Ontario M6N 1L3
- Phone Number: (416) 274-7414
- Fax Number: (647) 499-6640