Debt Consolidation Mortgage in Bonnyville, AB:
Managing finances can be tough with high-interest debt from credit cards or loans. Equity in your home can be used to make unmanageable debt more manageable and improve your financial comfort.
What is debt consolidation mortgage?
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Also referred to cash-out refinancing, increasing your mortgage is a way of turning the equity in your home into cash. The high-interest debts can then be paid from the funds.
Debt consolidation is combining 2 or more debts into one. This means instead of having multiple debts with varying interest rates, the loans can be rolled into the mortgage.
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How much equity can be used?
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Home equity is the value of your home minus the mortgage amount owing.
Lenders will generally lend up to 80% of the property value. This may vary depending on property value, property location, etc.
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Types of loans that can be consolidated
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credit cards
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line of credits
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auto loans
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second, third mortgages and home equity line of credits (HELOC)
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payday loans
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personal loans
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and more~
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