Debt consolidation services have become a very common need. It seems that homeowners may be in more debt now, than ever. However it’s not that people aren’t spending their money wisely; but rather because the cost of living has significantly increased. With the increased need of high interest credit sources (credit cards, loans, lines of credit) to keep afloat, it isn’t a wonder that the need for debt consolidation services and debt consolidation services in Ontario has gone up as well.
The source of your debt consolidation can come in many forms (refinance, second mortgage, HELOC) but essentially what they all do is, give you more money! The idea of using debt consolidation services is to eliminate the multiple sources of high interest credit you currently have. If you find yourself making payments on a regular basis as well as paying principal, then debt consolidation services aren’t in your best interest.
On the other hand, if you’re finding it hard to make minimum payments and have been missing payments entirely, chances are you need to consider eliminating that debt, and soon before it negatively impacts your credit score. After all, credit is one of the main reasons we worry at all isn’t it? Simply put, debt consolidation services can eliminate the pesky creditors, free up cash flow, decrease your monthly payments and ultimately allow a better financial situation for you and your family.
There is little risk you face by consolidating your debt, and the end results work much more in your favour.
At Canadian Mortgage Services, we have been providing debt consolidation services Brampton and debt consolidation services Mississauga since 1988. We have a large portfolio of investors/institutions with great lending criteria and flexible repayment plans. With our expertise in the financial industry we will guide you to a better financial future. Ask us today, how we can help make your financial situation more manageable by turning your bad debt into good debt.
Debt Consolidation Brampton
Brampton is a very well developed city. With plenty of new residents moving in and families growing larger and moving out, many homeowners are looking to upsize their homes and move to other cities nearby or around the outskirts of Brampton. The inquiries for debt consolidation Brampton are at an all-time high as homeowners are looking for liquid cash to renovate their homes and make them marketable to potential buyers. A large percentage of homeowners in Brampton are longtime residents and have a reserve of equity making it easy for them to mortgage their property.
Aside from renovations, homeowners are looking for debt consolidation services to service high interest credit, eliminate bad debt to make it easier to mortgage a new property, provide a down payment for a new property, and the list goes on. Canadian Mortgage Services has been providing mortgage and debt consolidation Brampton since 1988. Canadian Mortgage Services and Mortgages Brampton go hand in hand.
Debt Consolidation Mississauga
Mississauga has a large population and tends to have a higher cost of living. Houses vary significantly in price in direct comparison to Brampton, thus making Mississauga mortgages larger. That being said, mortgage and debt consolidation services Mississauga become just as important to keep residents and homeowners afloat during hard times. It is important to keep on top of all expenses, but it isn’t unusual for homeowners to lose track and fall behind.
It’s easy to turn to the bank for mortgage services Mississauga or debt consolidation Mississauga, but at Canadian Mortgage Services we take the extra efforts to ensure that you understand the process of financial betterment. After all, we’ve been providing exceptional Mississauga mortgages and debt consolidation services Mississauga since 1988.
Q: What is a mortgage debt consolidation?
A: A mortgage debt consolidation is when a homeowner uses the equity in their home (through a mortgage refinance or equity take out) to pay off higher-interest debt. Often, a consolidation involves paying off anywhere from 2 – 8 high balance/high-interest debts (credit cards, lines of credit, personal loans, etc.). For example, you might increase your existing mortgage by $50,000 (at a rate of, let’s say, 1.99%) to pay off $50,000 worth of unsecured debt that ranges anywhere from 10.99% – 27.99%.
Q: When would I need to consider using my mortgage for a debt consolidation?
A: A debt consolidation is worth considering under a few different scenarios (there are many more reasons, but these are most common):
- Your credit trades are maxed out which the banks refer to as ‘high credit utilization. This will hurt your credit.
- You are finding it difficult or impossible to bring credit balances down through the regular monthly payments. Interest just accumulates too fast.
- Your debt load is eating up your monthly cash flow and causing you to fall behind on other payments and expenses.
- You need to preserve your good credit score or improve your blemished credit.
Q: Are there better alternatives for a debt consolidation?
A: A debt consolidation through a mortgage ‘equity take out’ will yield a lower interest rate than most other alternatives. Also, a mortgage is ‘good debt’ and will help rebuild credit just by making regularly scheduled payments. Other alternatives, such as consumer proposals or bankruptcies, have consequences that linger around for up to 7 years! If you can, try to avoid the alternatives by using your home equity instead!
Q: How long does a debt consolidation mortgage take?
A: Doing a debt consolidation through a mortgage can take anywhere from 5 days to 3.5 weeks (depending on the source of the mortgage).