High debt can be a significant burden for many homeowners, especially when it involves high interest rates such as those on credit cards. With a debt-consolidation mortgage, we can combine all your debt into one easy-to-manage, low-interest payment, potentially saving you thousands of dollars!
For example, let’s say you have credit card debt of $30,000 with a monthly minimum payment of $900 (which is typically 3% of the balance). If you consolidate this debt into your mortgage at an interest rate of 3.49%, your new monthly payment on this portion of the debt would be only $134.13, saving you an impressive $765.87 per month! You might even save money on your mortgage payment as well.
The best thing to do is to contact me by phone or email, and I would be happy to examine your situation further to see if a debt consolidation mortgage makes sense for you
Please reach us at princeston@shelto.ca if you cannot find an answer to your question.
Qualification criteria may include creditworthiness, available home equity, and meeting the lender’s debt-to-income ratio.
Consolidating debts into a mortgage means they become secured against your home. Failure to repay the consolidated debt could put your home at risk of foreclosure.
Consulting with a mortgage professional can help assess your financial situation, evaluate the potential savings, and determine if debt consolidation aligns with your goals.
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