Using Your Homes Equity for Debt Consolidation A Mortgage Refinance, Second Mortgage, 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.
Contact Us Form

Submitting Form...

The server encountered an error.

Form received.

Ready to Get Started? LET'S FIND THE BEST MORTGAGE FOR YOU!

Chris Friesen        204-999-2194

Mortgage Professional

Winnipeg, Manitoba, Canada                 Email Chris