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Debt Consolidation

debt consolidation

Advantages to debt consolidation

Canadians who own real estate can perform debt consolidation to save on high interest rates. Canadian household debts are at all time highs. Take advantage of the quity build up in your properties to pay out or pay down high interest rate debts. Some exaples are:

  1. Personal line of credit,
  2. Personal loan,
  3. Credit cards,
  4. Car loan.

The covid-19 pandemic has placed tremendous stress on our health care system. Including on Canadians. Many of them have been strugling to keep up with day to day expenses and paying bills on time.

High monthly debt levels can affect your credit rating. It’s not good if you are not able to make payments on time. At renewal time it will make it harder for you to get re-approved with your current lender. You may have to take your mortgage to an alternative lender, which comes with higher interest and mortgage payments and possibly lender and broker fees.

This is where debt consolidation will be of great advantage to those households that have enough equity on their properties to take out a second mortgage or a secured line of credit or to refinance their mortgage to include extra money to pay off their debts into one easy monthly mortgage payment at lower interest rates.

Contact Trusterra Mortgage if you find yourself stuck in this situationto learn more about how we can help you get out of your high interest high payment debts using your real estate property.

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