CMHC reported that 71% of all mortgage consumers refinanced before their mortgage term was up. Of those who refinanced, 29% did so to consolidate debt. It’s easy to see why. While credit card interest rates currently range from 10-20%, consolidating that debt into your mortgage can cut your interest costs in half!
To explore the benefits of debt consolidation, talk to me today. I will do a free analysis of your mortgage to see how much equity is available. Then we’ll examine the fine print to determine if any early pay-out fees apply. Obviously, the most attractive time to refinance is when your mortgage is coming due or you’re selling one house and buying another. Depending on your situation, your interest savings can more than pay for any fees involved.
I will do the calculations and present a plan that shows what your bottom line benefit is. In many cases, debt consolidation not only reduces interest costs, it can also help put you back on the road to achieving your financial goals. Many clients’ newly consolidated monthly payments are so much lower, they’re able to start an investment plan for retirement or children’s education. Talk to me today at 604-726-9550 for full details!
I also have a free report, Escape the debt rate race. Please email me for your free copy….email@example.com
All the best to you for 2015!