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 payment. Private mortgage lenders or 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.
Reasons to use a mortgage broker specialist?
One is that our mortgage brokers have access to many mortgage lenders. We can find you the best mortgage deal in Canada and the lowest rate lender for you.
And the use for a debt consolidation loan?
Canada home equity loans can be used for any purpose but not limited to:
With a debt consolidation loan - home equity loans - debt loan - monthly payments are reduced and cash flow is increased.
| 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* |
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.
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