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Creative Mortgage Financing Ideas for Every Client's Unique Situation

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Using Your Mortgage for Debt Consolidation

A Mortgage Refinance, or Equity Takeout gives you the opportunity to pay off your debts such as credit cards, property taxes, CRA taxes, or loans, or other high interest mortgages.  Lower your interest rate, and increase your monthly cash flow.

 

Here are some examples of recent mortgages we have completed...

Example 1

 

Client has $95,000 of tax debt owed to CRA, with a lien registered

Plus $31,000 of high interest credit card debt with a $950 monthly payment

Plus a $120,000 bank mortgage with a monthly payment of $975

 

We refinanced this client into a new mortgage of $254,000 at 4.19%

Paid off CRA, old mortgage, and debts

New payment of $1360 per month - a savings of $565 per month - CRA lien removed

 

 

Example 2

 

Client has first mortgage of $130,000 with monthly payment of $916

Second mortgage of $24,000 with a monthly payment of $410

Consumer Proposal of $16,000 with a monthly payment of  $330

Property Tax Arrears of $18,000 accruing $392 per month

 

We refinanced this client into a new first and second mortgage at 6.95% and 14%

Paid off the first mortgage and arrears, second mortgage, consumer proposal and tax arrears

New payments of $975 and $461 per month - a savings of $612 per month - a fresh start

 

 

Example 3

 

Client has a first mortgage of $155,000 with a monthly payment of $1673

Second mortgage of $17,000 with a monthly payment of $350

Plus $12,000 of high interest debt with a $374 monthly payment

Plus a $53,000 personal loan with a monthly payment of $867

 

We refinanced this client into a new mortgage of $255,000 at 4.79%

Paid off first and second mortgage, car loan, and credit cards

New payment of $1450 per month - a savings of  $1815 per month - That's almost $22,000 a year less in payments!

Do any of these situations look like yours?

Whether you have perfect credit, or have serious credit issues, we can help.

 

Let's Begin by filling out our Mortgage Application or Contact Us Form

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Copyright 2016 - Chris Friesen

Winnipeg, Manitoba