Debt Consolidation London

Debt Consolidation London

Debt Consolidation

Debt Consolidation

Call or Text Mark Mitchell – Mortgage Broker London Ontario – 519-860-2102

One of the main reasons people decide to Refinance Their Mortgage is to Consolidate their debt.

In 2017 Canadians owed an average of $8,500 on their Credit Cards. This debt does not include other types of debt, such as Back Taxes, Auto Loans, Home Improvement Loans, Furniture Loans, etc.

While these loans can appears small at first, the interest payments add up quickly.

Types of Debt that can be Consolidated

    Back Taxes

    Car Loans

    Credit Card Debt

    Furniture Loans

    Home Improvement Loans

    Lines of Credit

    Second Mortgages

    Student Loans

Pay off Credit Cards

Improving your Credit

By Consolidating your debt into a single, affordable monthly mortgage payment you not only save thousands of dollars in interest, but you will also gain from improving your credit! As your Debt to Service Ratio will be drastically lowered you can count on a higher credit score as you demonstrate increased ability to make your monthly payments.

Debt Consolidation

Current Credit Card Debt Example

Debt Consolidation - Monthly Credit Card Payments

Converted to Mortgage Debt – Lower Monthly Payments

Debt Consolidation - Monthly Mortgage Payments

The above example is an ideal scenario, but the savings from Consolidating your Debt are clear. By leveraging your home equity you can achieve a lower interest rate, save hundreds on monthly interest payments, and actually pay down your debt!