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What are top debt consolidation loans by refinancing home mortgage -- a reader asks.
There are various strategies to end credit card debt depending on the equity available, area your income and credit. Many would argue that the best way to enjoy life is to have no debt -- unfortunately, is is not a reality for many. But, it is important that you understand how too much debt was amassed in the first place - you can find this article in the table of contents under the site map tab.
There are many reasons why good people get into debt, if this is you -- you are not alone. You too deserve a fresh start. In my opinion, whenever you can eliminate expensive credit card debt, improve your monthly cash flow, your quality of life and get back on track financially. Refinance property can help you achieve your goals to end credit card debt madness.
How to consolidate debt ? What is the best credit card debt consolidation - you decide.
To prove a point, each credit card debt consolidation program below fits top debt consolidation loans category. How? Although the examples to eliminate credit card debts starts with the same debt, each borrower's situation is different and needs its own Canada debt consolidation loan and unique mortgage help strategy (see right portion of charts).
2.84% or 8% -26% -- monthly payment $1,605 versus $3,611 -- the choice is easy.
Refinancing home mortgage to eliminate credit card debts is a good move for this client who still had 2 years left on her mortgage -- she refinanced home mortgage up to 80% of value to end credit card debts madness. She got an excellent 2.84% interest rate on her new mortgage saving $2,006 a month.
Judy (above) took quick steps to deal with her debt before her credit was destroyed. She has good income but got over her head with debt by helping her daughter financially. She reached the point where she was struggling to make even the minimum payments on her credit. I found her credit score was a little low because of maxed out credit limits. But, she managed to avoid late payments and her credit score was still in the "A" refinancing home mortgage category. She got the best interest rate at the time of application -- her quality of life will now improve and with all the debt consolidated, it won't be long before her credit will be high again.
* All the calculations in this article are based on February 2015 interest rates. All rates are subject to change without notice.
4.75% or 8% -26% -- refinancing home mortgage to eliminate credit card debts and increasing amortization from 25 years to 30, saves $1,871 a month.
In above illustration the mortgage is maturing but the existing lender will not renew due to credit problems and the borrower is self employed with no proof of income on his tax returns. Borrower needs a self employed loan no proof of income to end credit card debt. He's a small business owner and will benefit from bad credit debt help.
Applicant is behind on some credit cards with a few late payments -- his application is a fit for alternative mortgage financing at a bit higher interest rate. Refinancing home mortgage up to 80% of value and increasing the amortization from 25 years to 30, helps this borrower to carry the new mortgage and improve credit score -- the new Canada debt consolidation loan saved our client $1,871 each month making his day to day life much easier.
Debt consolidation Canada bad credit solutions.
Using the same example another borrower who needs bad credit debt help saves $1,200 a month with top debt consolidation loans. Let's say his debt is the same as above and it's out of control with several late credit card payments. But, if his cash flow and debt consolidation loan payments could be improved, his credit will improve too.
If this borrower still has two years to maturity on his existing 1st mortgage at 3.94%, it's best to leave this mortgage in place -- then top it up with an interest only second mortgage debt consolidation for $70,000 using private mortgage lenders. In the same example this would free up $1,200 in monthly cash flow, enough to carry both mortgages comfortably. In two years when the first mortgage matures and his credit improves, both loans would be combined into a new first home equity mortgage at low interest rates.
There are consequences to filing a Consumer Proposal -- I don't recommend taking this step unless it's an option of last resort. But, sometimes it's clear that the borrower would never be able to repay their debt and the destruction needs to be stopped -- in those cases, a combination of a second mortgage and a consumer proposal could be the right and only strategy.
Clients often ask -- will I lose my house if I file a consumer proposal -- we work hand in hand with a Trustee to ensure this does not happen. Using private mortgage lenders we get you an interest only 2nd mortgage to raise minimum money needed for a lump sum consumer proposal -- at the same time we try capping your overall mortgage exposure at a manageable level.
Upon discharge from the proposal, you must get a secured credit card to rebuild credit - use the search bar at the top of the page to get your secured visa application.
Examples above are all top debt consolidation loans for each borrower's situation. If you need mortgage help refinancing home mortgage to eliminate credit card debt, please contact me.
There is no need for you to struggle going from bank to bank, one broker to another -- One conversation with me and you won't have to worry whether or not your mortgage is approved. You won't be disappointed.
Marie Copeland, FSU, Hamilton Mortgage Broker
Take a look how to lower debt consolidation loan payments with credit card debt consolidation loans.
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