As licensed professional mortgage brokers, we know exactly what it takes to qualify you for a mortgage and we do more than just get you a great mortgage at a great rate, we will show you the way, too.
Debt consolidation programs work well for the client when applied as follows:
|Example # 1 (before remortgaging)|
|Unsecured Line||Paid off||$0.00|
|Credit Cards/Loans||Paid off||$0.00|
|Penalty/Tax Bill/Other||Paid off||$0.00|
|Total||$182,500||$959 monthly ($891 less)|
Note that the mortgage balance has increased by $32,500 and the client's monthly cashflow has improved by $891. By redirecting the $891 back against the new mortgage/loan balance, the non-mortgage debt component can be paid out in about 3 years. Had the consumer debts averaged 15% interest, the time frame to eliminate the debts would have been 4 years (holding the monthly payment constant). The strategy has saved the client $10692 in interest.
From a mortgage planner's point of view,
If you or your client, friends or associates have any questions on this or any mortgage situation or need, please feel free to contact us..