SHOULD YOU REFINANCE YOUR MORTGAGE TO CONSOLIDATE YOUR DEBT?
It does not make sense to carry balances on credit cards with interest rates as high as 19% when you could be repaying that debt at mortgage rates in the neighbourhood of 4%...
Specifically speaking, by moving a debt of $20,000 from credit cards to a mortgage you could save as much as $3,000 annually.
Refinancing of your mortgage could also lead to better debt management. It is easier to manage one payment instead of several credit card payments, right? Chances are, if you have so many payments to take care of, you could eventually miss a payment or two, and your credit rating will suffer as a result.
Finally, by refinancing your mortgage, you could lower your monthly debt payments. While the minimum payment on a credit card debt is 3% of the outstanding balance, the payment on the same debt under the mortgage is entirely determined by you. You could chose to pay that debt over 1 year, or over 35 years - The choice is yours.
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Mortgage Broker in Toronto
Buying a home is an important financial decision. If you reside in a more expensive area of the country, such as the Greater Toronto Area (GTA), buying a home might actually be the biggest financial investment you will ever make.
For financial advice on such an important investment, it is essential that you obtain advice from an experienced and knowledgeable Mortgage Broker.
Over 10 Years of Banking Experience
With over 10 years of banking experience, I am pleased to offer you expert advice, professional service and creative solutions to meet all your mortgage and financing needs. And let’s not forget, the lowest rates offered on the market.
Working as a Mortgage Broker in Toronto, I hold a working relationship with several financial institutions, and shop the market on your behalf for the lowest rates and best products, based on your unique mortgage needs.
Lowest Mortgage Rates
To access our lowest mortgage rates or learn more about different types of mortgage products and solutions, please feel free to check out the rest of my website or contact me directly. I look forward to meeting with you.
Yours truly,
Tino Brelak, M.B.A.
Mortgage Broker in Toronto
Brokerage License # 11054
Broker License # M08005073
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