Debt Consolidation Mortgage Loan

Debt Consolidation Mortgage Loan

Debt consolidation using the equity in your home can be a great way to consolidate high interest rate debts into lower rate loans and mortgages.  As well as the interest rate savings, home mortgage loans are amortized over a longer period of time and can greatly reduce the amount of money required every month to service your existing debts.

Debt consolidation using your home equity can occur in one of two ways.

The first would be to refinance your first mortgage up to 90% of the current market value.  This may be the best solution for you depending on factors such as the current time remaining on your mortgage, your beacon score, the interest rate you are currently paying for your mortgage and the break fee which your bank may charge.

A second option would be to obtain a debt consolidation mortgage loan for up to 90% of the value of your home via a second mortgage.  A debt consolidation mortgage loan will often have a higher interest rate then a traditional first mortgage however I offer debt consolidation home loans at very competitive rates!

If you are looking for a debt consolidation mortgage loan in Ontario call today or apply online to discuss your debt consolidation options.