A Debt Consolidation Loan Canada can help homeowners fight off the high-interest debt by accessing their home’s equity!
Utilizing a Debt Consolidation Mortgage has many advantages as you will see from the example of a previous client who was able to help further down on the page. We are able to help our clients with customized solutions in reducing their outstanding monthly debts and liability payments and then structure the perfect mortgage to absorb these debts and liabilities and convert them into huge amounts of monthly savings.
Rumy Gill - Mortgage Broker
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What are the Benefits of a Debt Consolidation Mortgage?
Our restructuring process allows us to help with eliminating the high interest debts and liabilities that our clients are paying. By cleaning up and paying off all our client’s debts and liabilities in full, results in a positive credit rating for our clients, as they are no longer need to keep making monthly payments to these debts and liabilities since they have been paid off in full through their mortgage. The original balances are transferred to their new mortgage and the new monthly payments reflect the savings we were able to obtain for them.
How Does a Debt Consolidation Mortgage Work?
This process allows our clients to focus on one single low rate monthly payment instead of having to make multiple payments at various high interest rates. This alone is able to Save our clients hundreds to thousands of dollars in high interest costs. This is why our clients are able to benefit from monthly savings and positive monthly cash flow each month.
Our clients love the idea of one single payment they are required to make instead of several individual payments they were making before.
Looking for a Debt Consolidation Mortgage?
Speak to mortgage broker about the most affordable option given your credit score income and property
Debt Consolidation Mortgage Payments Can Save you Money and Free Up Cash Flow!
Consolidate Debt! Pay off High-Interest Debt! Increase your Credit Score Rating!
So what really is a Debt Consolidation Mortgage, you might be asking yourself.
Simply put, a Debt Consolidation Mortgage is a mortgage that allows you combine several of your debts or liabilities (such as; car loan, credit debts, payday loans, personal loans, collections, etc) into one single monthly payment at one low rate so you can save a lot of money.
Here is an example of we were able to help one of our clients with;
“Our client had a mortgage for $325,000 and owed $100,000 in debts and liabilities outside of their mortgage. Here is the break down of the $100,000 they in debts they were paying;
$35,000 for a car loan at $600 a month,
$40,000 for their several credit cards at $1,200 a month
$20,000 for a personal loan at $800 a month,
$5,000 on personal loans at $400 a month.
This worked out to be $3,000 a month, plus their $325,000 mortgage at $1,660 a month.Our client was paying a total of $4,660 in monthly payments on their mortgage and their debts and liabilities.
We helped our client put their $100,000 of debts and liabilities into their $325,000 mortgage. This became a new $425,000 mortgage at a $2,015 a month.
We were able to help save our client over $2,645 a month and yearly savings of $31,740 a year.
This allowed our client to have one low monthly payment at a much lower rate than before as you can see from above and now our client only had to focus on making one single payment instead of a few several payments they were making before.”
Have questions or just want to learn more about a Debt Consolidation Mortgage?
We are able to help with all different situations for a Debt Consolidation Mortgage, but with that being said, if you still want to learn more about how this type of financing can help your situation make sure to contact us today to find out how much you can save. We are always here to help answer your questions and find you the best financing option where you can save the most amount of money.
Rumy Gill can Help you Get a Debt Consolidation Mortgage of up to $50k, $100k, $150k or More in Cash, Fast!
All you Have to do is Apply!
We Work with All Income and Credit Situations! Approvals on Home Equity are Available.
Here are the Benefits of Working with Rumy Gill a Brampton Mortgage Broker for your Debt Consolidation Mortgage;
All Income Accepted
Pay off Personal Taxes/ CRA
Mortgage Prepayments are Available
Pay off Collections
Pay off Personal Taxes/ CRA
Pay off Judgements and Leins
Get Money for Any other Reason
Pay off Consumer Proposals
Get Money for Any other Reason
Frequently Asked Questions
What is Debt Consolidation Mortgage?
A Debt Consolidation Mortgage is one way to lower the payments and interest rate on your outstanding Debts. It's the best solution for everyone looking to pay off their High Interest Debts, Increase their Credit Score Rating, and Free Up Monthly Cash Flow. Debt Consolidation is a process where a borrower takes a loan to pay-off multiple smaller High Interest Debts and get a new loan at a much lower Interest Rate. It is a common process to clear short-term, high interest debts like multiple credit card bills, consumer debts, etc which has been very effective for homeowners looking to save money.
Can you Consolidate Debt into a First Mortgage?
It's possible to consolidate your Debts into a First Mortgage, and by rolling all your High Interest Debts into one Mortgage you can gain a big financial relief, resulting in savings of hundreds and thousands of dollars. This is because the your High Interest Debts from Credit Cards, Payday Loans, Personal Loans, etc can be as high as 18% to 21% and a first Mortgage can absorb all these debts and your current mortgage at rates of 2% to 3%. That's a BIG DIFFERENCE!
How much Debt can I have and still get a Consolidation Mortgage?
Most lenders set the bar somewhere around 43% to 50%. That means that if your combined monthly debts (including the mortgage payment) exceed 50% of your income, you might have trouble qualifying for a mortgage loan. But those aren't hard and fast rules, it is best to contact us to get the most out of your situation and find out how much you can qualify for
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