You are over your head in debts and need help!
Refinancing or Debt Consolidation Options
When you refinance, you take money out of the equity of your property. With property value having increased substantially over the past few years, many are taking advantage of paying off their debts.
There are good reasons you may want to refinance or debt consolidate with a loan
Pay off Tax debt
Money for renovations or investment needs
Lower your overall monthly payments and free up cashflow
Consolidate your higher interest debts into one low mortgage payment
I have a rule of thumb - if you can't pay off a debt within 3 years on your own plan, refinance it into your mortgage if you can. Paying 3% vs 19% in interest is much cheaper long term.
Fees that may be incurred.
Depending on your loan type they will vary
Legal fees of $1000 estimated
Appraisal of your home for value - $350 +
Penalty to break your existing mortgage, if refinancing
Fees of 1-2% if a private mortgage
We have options for each type of debt consolidation! Refinance your current home, add a 2nd loan at a lower rate or credit card 0% balance transfers. All depend on your personal financial situation.