If you are carrying a lot of debt, and are struggling to make ends meet, the equity in your home may be the solution to your problem. We can increase your mortgage and use the proceeds to pay off the debt (ie credit cards, car payments, etc.). This helps in two ways; it lowers the interest rate on the debt, and it improves your monthly cash flow by lowering your payments. Credit cards can often have interest rates of 28% or higher, and paying this off with a lower interest rate mortgage is often a wise choice. Next Day Mortgage can help you do the math, and you can decide if it makes sense for you or not.
Home equity debt consolidation is often one of the best options for those with bad credit or poor credit. Getting approved for home equity debt consolidation is easier than you think. The equity that you have built up in your home will be the determining factor of the amount of your loan. The loan to value ratio should not exceed 85% in order for you to be eligible. Once your financial situation has been reviewed, you will be able to start paying off those high-interest or outstanding debts.
Getting out of debt can be difficult but there is hope. Home Equity Debt Consolidation from Next Day Mortgage may be right for your financial situation. However, there are a few things that you need to think about before applying. Take a look at your financial situation, do you find yourself in any of the following:
You only make the minimum payments on your credit cards and are still struggling to pay it off?
You have large personal loans such as a vehicle or RRSP loan that is taking out a chunk of your monthly income cheque?
You have student loans that you have to make higher payments on that what you are used to?
You owe Canada Revenue Agency and they want their money?
Next Day Mortgage’s Home Equity Debt Consolidation can help to alleviate a lot of the stress associated with getting out of debt. Be sure to ask about our No Payment Mortgage™.