The Benefits of Consolidating Your Debt Into Mortgage - Mortgage Guys
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The Benefits of Consolidating Debt into your Mortgage

The Benefits of Consolidating Your Debt Into Mortgage

If you are someone who feels that your debt is becoming too much, you might want to consider debt consolidation. There are many benefits to mortgage consolidation for homeowners and that’s why it’s a great option for many homeowners to consider. If you feel that you are servicing a lot of debt at higher interest rates, consider consolidating them into your mortgage.

Debt can be very overwhelming to handle, and if you have to pay loans with high-interest rates, you may feel as if you are paying for something that simply won’t end. That’s why so many people consider consolidating their debt, making it easy to simply pay one lender than having to pay multiple creditors every month.

Homeowners can work with the equity they have in their properties. Not only is this a great way to build wealth but it’s a smart move, especially if you are paying off high-interest rate loans such as credit cards. Many Oakville mortgage specialists will advise you on the options, and work with you to see how much you can save when you consolidate your debt into your mortgage.

Consolidating Your Debt

There are many reasons why you may want to consolidate your debt, especially if you have a mortgage. Not only can you save on interest rates but you’ll also have only one loan to pay, instead of multiple payments every month. Consolidating your debt will mean that you take out a loan to cover all your outstanding debt, pay it off, and then only repay your lender.

In the case of mortgages, you can borrow money against your home, and this is one of the best types of security to offer any lender. Banks and other financial institutions will be much more inclined to lend money to someone with property and equity against their name, making it an easy option.

Financial freedom can definitely be possible if you work with what you have. As a mortgage owner, you can easily refinance your home to consolidate your debt and have one single mortgage account to service. Since your mortgage will run over an extended period of time, payments will generally be much lower than traditional, short-term loans and credit card debt. This will give you a little more room to work smarter with your money and pay off your debt quicker.  

At Mortgage Guys we specialize in mortgages and we can help you to consolidate your debt into your mortgage. Speak to our friendly team today to find out what your consolidation options are.