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
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
Converted to Mortgage Debt – Lower Monthly 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!
