Dream of Becoming DEBT FREE?
Let the Equity in your home work for you.
Are you paying high interest rates on visa cards, lines of credit and car loans?
Is your monthly cash flow being stretched to pay all your monthly debt payments?
Are you tired of sorting through each loan bill to make sure your debt payments are made on time?
Then why not consolidate your debt into one monthly loan payment with a much lower interest rate.
If you have equity in your home you can consolidate all your debt into your mortgage loan. ONE loan payment at a much lower interest rate. You free up hundreds of dollars each month in cash flow and save thousands of dollars in interest costs. It is easy to set up.
Client has home worth $400,000.00. Client has mortgage of $250,000.00 with a payment of $1800.00 per month.
Client has credit cards of $30,000.00 with payment of $900.00 per month and car loan of $20,000.00 with payment of $600.00 per month. Total debt $310,000.00 Total payment $3300.00 per month.
Now we consolidate all debt into one mortgage loan at a 5 year fixed rate at a historically low interest rate of 3.19% over 25 year amortization. New Loan amount $310,000.00 (same as before) Total payment $1497.45 per month.
Notice a difference. Cash flow savings of $1802.55 per month. You still have the same amount of debt but are paying less for it. You could do allot with this extra money in your pocket. You could apply a portion back into your new loan and pay down your mortgage more aggressively (debt free sooner). $800.00 back into your mortgage monthly would decrease your amortization down to 9 years plus with a accelerated payment frequency you are down to 7 years and 7 months. Not bad.
You could also apply a portion to RRSP and receive tax benefits, RESP for your children education or take a trip.
The numbers above are an example only and will vary depending on loan amount and loan product chosen.
If you want to receive more information or if you want to set up an appointment, send me an email or give me a call.