Interest Rates Are Low, It’s Time To Refinance!

When you are drowning in debt, keeping track of multiple payments can be exhausting. At times like this, refinancing your mortgage in order to consolidate debt is very common and in most cases, a smart thing to do. For many, the ideal outcomes for refinancing and consolidation are the same, better interest rates, lower payments and more favorable terms for the debt overall. Its purpose is to help you be able to increase your monthly cash flow, pay off high-interest loans and debts, do home renovations, buy an investment property, etc. The experts at Canadian Tailored Mortgage Solutions want you to know that even if you have been turned away from your financial institution, you can contact us. As experienced mortgage brokers, we can consolidate your high-interest debt and get you in touch with lenders who will look at the equity in your house and offer competitive rates to get your business. We understand that sometimes for whatever reason, debt starts to accumulate, pile up, and get out of control. The important thing to realize is there are solutions to help you get back in control of your finances. 

Debt consolidation basically means that you consolidate several different debt payments into a single debt payment. This comes with a variety of benefits, as mentioned above, and it’s also easier to keep track of a single debt payment rather than multiple different ones. There are numerous ways to consolidate debt, depending on your specific situation. Refinancing is about replacing specific debts for specific reasons. In this case, you are replacing one debt with another debt that has more favorable terms. Usually, the goal is to secure a better interest rate, but you can also refinance to change the loan type or secure lower monthly payments. You can refinance your mortgage in order to consolidate debt!

Basically, you use the equity you’ve built in your home to borrow money to pay off your high interest debts, effectively consolidating them into your home loan. The amount of equity in your home is determined by getting an appraisal completed to assess the current market value of your home.

If you are a homeowner who has high-interest loans or debts or has a second mortgage you’d like to pay off, then refinancing your mortgage to consolidate your debts into one manageable debt is the right choice for you. The first step towards refinancing and debt consolidation should be looking for the right mortgage broker. If you are looking for a mortgage broker in Pickering, ON, give us a call at (905) 509-8164 or email us by clicking here. At Canadian Tailored Mortgage Solutions, we ensure that the mortgage we give you is tailored to your needs. As experienced mortgage brokers, we have alliances and partnerships with major lenders and can get you competitive rates with the most flexible terms. To get started, reach out to us and simply fill out an application with one of our CTMS agents.  

To learn more about the services we offer, please click here. To get in touch with us, please contact us here.