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Debt Consolidiation |
First off, let’s start by discussing what “equity” is. Equity is like your home “working” for you while you sleep. It is the difference between the value of your home, and the balance left owing on your mortgage. Example; your home is worth $250,000 and your mortgage owing is at $150,000. You have $100,000 worth in equity in your home. Herein lies the power in ownership. As time goes by, typically the value in your home will go up. This is not a rule written in stone, however over time it should work to your benefit. Ownership x Time = Equity Gains. Whether or not you decide to do anything with your equity is up to you. "When
it was time to get a mortgage we really did not
know where to start.
The choices were nearly endless. Did we want to go
with a variable rate or a fixed rate? Did we want to
go short term or would locking in for a longer term
be better? How would we know that we were securing
the best available interest rate?
Canadian Mortgage Experts - Canada First answered these questions and
more! They made this confusing part of owning our first
home simple. We highly recommend Canadian Mortgage Experts - Canada First
to anyone who is in the market for a mortgage." Debt Consolidation As a member in any local community, you are part of a “consumers” world. As a consumer of products, you are likely the owner of a credit card or two. Perhaps you have a car loan, or have a line of credit? Whatever the case, you are faced with differing interest rates with every corner you turn. Equity in your home can turn these high interest rates into one low monthly payment. How? Typically, credit cards have anywhere from 9% - 22% interest attached to a balance that you carry. Here’s something to think about – mortgage rates far exceed the cost benefit when you place those debts within your mortgage. You can pay those high interest rate loans off with your equity! When you consolidate your debts, you can eliminate high interest payments. Here’s what you need to do if you’re in the “overload debt” boat – Call us! We’ll look at your financial situation; see what you have incoming, and look at what you have outgoing each month. Usually, we can suggest a game plan to save you money at the end of each month. In the past, we have saved hundreds of dollars each month for clients, thereby creating a completely different way of living for them! Ask yourself, “What have you got in your savings account at this very moment?” Wouldn’t it be nice to build that savings account up to where you originally planned? You can possibly do this simply by consolidating your debt by reducing your interest payments each month. Let us assist you in paving a clear road to the future. |
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