Your Fraser Valley Gal
Debt Consolidation Loans
Refinancing or Debt Consolidation Options
Don't take my word for it - Check how much you will save and if it is worth it!
REFINANCE Analysis will tell you if you should or shouldn't refinance now!
When you refinance, you take money out of the equity of your property. With property value has 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 the CRA Tax debt or Credit Card debt
-
Money for renovations or investment needs
-
Lower your overall monthly payments and free up cash flow
-
Consolidate your higher-interest debts into one low mortgage payment
I have a rule of thumb - if you can't pay off debt within 3 years on your plan, refinance it into your mortgage if possible. Paying 5% vs 19% in interest is much cheaper in the long term and will lower your monthly payments!
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. It all depends on your financial situation.