Let’s face it—your mortgage may not be the only debt you have. If you are like most people, you probably also have a credit card balance and one or two consumer loans. Have you ever thought about taking equity out of your home, to pay off your other existing debts at a much lower interest rate? We analyze each individual situation to see what options you might have for debt consolidation in the Fredericton area.
But while your mortgage may not be your only debt, it’s most likely the debt that is the least expensive, compared to your other debts combined.
Taking out a home equity loan allows you to combine your debts to pay them off in one monthly payment at a much lower interest rate, saving you tons of money over the years. You will not longer have to worry about paying multiple payments, it will all be into one.
Let me show you how this works.
Here is an example of how using a home loan Debt Consolidation in can help you save money each month. Feel free to give us a call, or fill out the email form on our contact page to find out what we can do for you.
Example of Debt Consolidation (before remortgaging)
Below is a scenario after renewing your mortgage and paying off those debts.
|Unsecured Line||Paid Off||$0.00|
|Credit Cards/Loans||Paid Off||$0.00|
The above scenarios are showing that you would save $891 per month. That means you are saving $10,692 per year. In 5 years your net saving is $53,460. Providing most of the debts are paid off! So why wouldn’t you want to make some changes to save some money in the long run?
Debt Consolidation Fredericton.