Mortgage debt consolidation loans have been a means by which thousands of Canadian homeowners have been able to use their home equity to take out a mortgage to save money.
By taking out a debt consolidation loan (also known as a home equity loan or home debt loan or a second mortgage or mortgage second loan) a borrower is able to combine the balances of current bills and debts into one loan... and one lower payment. Private mortgage lenders may offer borrowers with poor credit up to 75% of the appraised value of their home.
Institutional mortgage lenders may offer borrowers with good to excellent credit the ability to borrow up to 95% of the value of their current property. This would be done by redoing your current 1st mortgage financing.
There are many. One is that our mortgage brokers have access to many mortgage lenders. We can find the best mortgage deal in Canada and the lowest rate lender for you.
Canada home equity loans can be used for any purpose but not limited to: Paying off high interest credit cards, car loans, home improvements, tuition and education needs, vacations and anything else!
With a debt consolidation loan - home equity loans - debt loan - monthly payments are reduced and cash flow is increased.
In this example, the difference of reduced monthly payments is $906.50 each and every month! That is over $10,000 more money for your family to live on each and every year.
| Bills | Balance | Payments | Debt Consolidation Loan |
| Credit Card #1 | $5950 | $135.00 | -0- |
| Credit Card #2 | $5,200 | $157.50 | -0- |
| Credit Card #3 | $6,060. | $349.00 | -0- |
| Credit Card #4 | $5,200. | $262.50 | -0- |
| Car Payment | $10,200. | $362.50 | -0- |
| TOTAL | $36000.00 | $1,266.50 | $360.00* |
We wish to recognize this article contribution by Greg Stanley of the Home n Work Mortgages national network of mortgage consultants.
Under our ‘shared knowledge’ concept intellectual property is shared within our organization for all and recognition is given for the one making the contribution.’
Rebecca joins the team with over 20 years of business, investment and real estate experience. A true advocate for the consumer, Rebecca brings you unparalleled integrity with unbiased advice. Phone anytime and discover for yourself just how easy and enjoyable the mortgage process can be.
Serving Metro Vancouver Area
& Fraser Valley BC
Direct 604.614.2382
Fax 604.463.7886
rebeccaawram@homenwork.com
www.communitylendingcentre.com
Head Office:
#200 - 5050 Kingsway
Burnaby, B.C.
V5H 4C2
