Refinance to consolidate debt

If you own a home and need a means to consolidate your debt and reduce the number of monthly payments you are making while decreasing the amount of the total payments, you should consider a mortgage refinance.  Refinancing mortgages is where a mortgage agent or broker can help you access the equity in your home to consolidate debt.  When you refinance, mortgage term are renegotiated to increase the total amount of your mortgage.  This enables the home owner to access some of the equity that has been built up in the home for the purpose of debt consolidation.  By using this method of debt consolidation, the extra money added to your mortgage is used to pay off various high interests debts such as credit cards, loans and lines of credit.  When you are done refinancing, mortgage payments may increase a few hundred dollars from your original monthly payment but your total monthly payments will be lowered by $500 to $1000 every month.  The ability to consolidate debt may save you thousands of dollars over the term of your mortgage.

There are many options available to refinance, mortgage brokers (and agents) at RMA can explain the different options available to you.  We specialize in developing solutions for refinancing by helping clients gain access to mortgage products specifically targeted at homeowner’s interest in debt consolidation. Because of this, Real Mortgage Associates are able to better cater to this growing market.  If you are interested in a mortgage refinance, our mortgage brokers will be able to assist you.  It is recommended you contact a reputable mortgage agent or broker such at Real Mortgage Associates to further discuss the debt consolidation and mortgage refinancing options available to you.

Canada, along with many other coutries are trying to re-strengthen the economy, as a result, mortgage lenders are actively seeking consumers who wish to renegotiate the terms of their mortgage.  Many companies also provide in-depth one-stop shopping programs available to consumers that will not only allow them a convenient method of refinancing their mortgage, but also take the extra step to pay off all the creditors involved in the debt consolidation on behalf of the consumer using the extra funds established from the refinancing.

When it comes to saving money, one of the best things you can do is to consider restructuring your debt via mortgage refinancing.  Do so can save you hundreds per month and literally thousands over the next 5 to 10 years.  However, people are habitual.  It is highly recommended to take the extra savings every month and put it into a savings plan.  By saving $500 to $1000 every month, you will find that in a few short years (with favourable invements) your portfolio can grow to an enormous amount of money.

About the Author Jim Thornton