Consolidating your debt, whether it's a credit card or an existing mortgage, can help you save money in the short and long term by paying a single, significantly lower interest rate. By paying off credit cards or loans, you can manage your cash flow easier and use additional money for savings or paying down your mortgage faster.
Many Canadians are taking advantage of refinancing some of their home's value to pay down credit card debt.
Why pay high interest rates on your bank's credit card debt when you can consolidate it into your mortgage and make a single, lower-interest payment?
A well-planned mortgage can help you save money and increase cash flow.
You can also use the equity you've built up in your house to consolidate high-interest debt.
That's all there is to it. But what happens if you find yourself in a tight financial spot?
You can also use your equity to purchase long-term investment products and other real estate.
You can use your equity funds to pay off your mortgage quicker and improve your lifestyle. These are some of the advantages you get when you work with a mortgage broker who has experience negotiating all kinds of life circumstances.