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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.
Debt Consolidation
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 "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?
Canada First Mortgage answered these questions and
more! They made this confusing part of owning our first
home simple. We highly recommend Canada First Mortgage
to anyone who is in the market for a mortgage."
- Ryan & Deanna Powell |
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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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