With the average credit card company charging 10 to 29 percent in interest, car dealerships charging up to 16 percent, and personal loans charging 6 to 10 percent. With such high interest rates it is easy to see debt increasing and large repayments, managing and paying off debts can become overwhelming and cause added stress to one’s life. Having debt can create barriers in financial planning and make individuals vulnerable to an economic downturn. However there are remedies for homeowner’s with high interest debt and one valuable option is to Mortgage Refinance.
Refinancing your existing mortgage and consolidating your debt into your mortgage is beneficial in many ways. With lower current mortgage rates , you can save thousands just by consolidating your debts. There are also added benefits such as one convenient payment, instead of multiple payments being withdrew at different times of the month. With the longer amortization periods (up to 25years) it can create manageable payments, if things are a little too tight for your current budget. When setting up a mortgage and combining all of your debts, we can also create a structured payments plan making it easy to show what your balance is at every step of the way. Another added bonus is that we can also show you how to accelerate your payments and save even more by using your pre-payment privileges if you wish.
Taking charge and conquering debts doesn’t have to be difficult. If you are carrying a burden of significant debt and you own a home, talk to our mortgage associates who will analyze your situation and further discuss your financial options.