When and Why it’s time to consolidate your debt - Mortgage Guys
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When and Why it’s time to consolidate your debt

When, why and how

As with any other form of planning, your debt relief program should conform to a strategy agreed with a qualified and experienced professional. Another influencing factor is negotiating a debt consolidation loan but before proceeding it’s important you completely understand the various aspects of what it entails. One crucial observation to keep in mind is that this type of borrowing has become among the popular options opposed to bankruptcy in Canada.

The basic principle of consolidating a loan is that you have the liability of making a single payment to one source, instead of many and various. Therefore, you are reducing the risk of late monthly payments and the incurring of more interest related debt. Adding to this is that by consolidating your debt into one regular and convenient payment, you will probably see a reduction in the interest rate charged.

The currently low interest rates in Canada can be structured to assist in the consolidation of your debts. There is a comprehensive variety of home equity loan options available to you.  Amongst them are a second mortgage facility and a home equity line of credit (HELOC), as well as the refinancing of your current mortgage.

This is where the effectiveness of structured planning is seen, in the development of a debt consolidation loan designed to best suit your personal needs.

Your best debt-free option

When you consult an independent and highly qualified mortgage broker, they are acting in your interest, without having an obligation to a particular financial institution. Therefore, you are free of concerns, such as undisclosed fees and expenses, or prepayment penalties. Your representative will explain to you in detail, the various and associated advantages by taking a certain course of action, whether it is a second mortgage, home equity loan, or line of credit.

You will have peace of mind in knowing that all negotiations are conducted by experienced professionals, who will be working on your behalf, independently to obtain the best possible structured mortgage at the best available interest rate!

It is a matter of fact that a perfect credit record is not enjoyed by everyone, but irrespective of this, it will be accepted that this aspect should not be of significance when negotiating favourable refinancing terms. Your debt consolidation loan will be achieved with best competitive interest rates, irrespective of your credit status, but providing you have an established equity in your home.

Now is the time to consolidate your debt and the reason is to achieve a debt-free lifestyle!