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Refinance Mortgage Consolidate Debt

Can you refinance your mortgage to consolidate debt?

When you hear the term: refinance mortgage, what do you think of? Most people think of debt and you’d be right to assume this as this is why most people refinance their home.

You can refinance your mortgage at any time, for just about any reason.  After all, it is your equity and eliminating high interest debt makes a lot of sense.

Mortgage refinancing can be the solution to a wide variety of financial problems. From small inconveniences such as disliking the terms or interest of your current loan, to larger concerns like consolidating high interest debt or major home renovations – refinancing your house is a popular way to get things done.

Debt payments can be crippling and the interest rates on credit cards are painfully high.  By utilizing your home’s equity you can refinance your debt to improve cash flow and eliminate high interest rates

Refinancing can be done many ways – which means you’ve got options. We’ve been helping clients achieve their refinancing goals decades.  Our knowledge and our relationships in the mortgage industry enable us to get our clients the some of the best rates with the most flexible terms.

Understanding Your Mortgage Refinancing Options

We have a financing solution for almost every borrower. If you want to improve your cash flow, renovate or consolidate, we can help.  Understanding your refinancing options begins with a conversation with us. As your mortgage broker, we will help you discover the best options for you financially.

Getting a whole new mortgage may seem attractive or like the right choice but there are factors to consider.  For example, will you have to pay a large penalty? Would a home equity line of credit make more sense?  The one sure fire way to understand your finances is to work with a seasoned mortgage broker.

What You Can Do With Your New Mortgage

Essentially, there are two types of debt – good debt and bad debt. Mortgage debt that works to improve your financial net worth is considered good debt. High interest credit cards and unsecured credit lines are bad debt. Debts that serve no direct purpose and accrue a lot of interest can get you into trouble. This is where refinancing your home can make a lot of sense.

Refinancing turns bad debts into a good debt by improving cash flow.  With an improved cash flow you can focus on becoming debt free.  A lot of homeowners get hung up on not having a mortgage but their goal should be to become completely debt free.

If you need to refinance to deal with debt, you’re not alone. Many Canadians have increased their unsecured debt load and restricted their cash flow with high interest payments. We can help you break that debt cycle without damaging your credit score.

Increasing Your Cash Flow

Debt consolidation is one of the easiest ways to increase your household cash flow. Reducing how much interest you pay each month will put money back into your pocket in the short-term. A reduction in interest will also cut down on how much debt you repay. You can reduce debt payments by up to 60% and turn multiple payments into one easy monthly obligation.

Beyond debt consolidation, you can also improve your cash flow by creating an emergency fund. You can use your funds to help subsidize your income while laid off from a job or taking time off to deal with an illness or injury. Furthermore, you can make changes to your amortization schedule to lower your monthly mortgage payment and free up more of the money you earn for other things.

Improving Your Equity Position

If using equity to renovate is part of your plan, you can find yourself in a better equity position after completing the work. You can renegotiate your mortgage and refinance your home to gain access to renovation cash. Renovations will serve to increase the value of your home and generate more equity than when you started.

If you negotiate a lower interest rate, you’ll be paying more towards principal and building equity faster. By the time the terms of your refinanced mortgage are up, you may find that your equity position has changed significantly and the value of your home has increased.

Why You Need The Mortgage Brokers Network Advantage

When it comes to the best mortgage rates, we have a distinct advantage over other lenders. Working with an experienced mortgage broker can save you a lot of money. We know which lenders to approach to get you the best rates. We can save you a lot of time and ensure you get the product that best suits your needs. 

Even if your circumstances have changed since you applied for your original mortgage, we can find the best rates for borrowers with less than perfect credit or income concerns. We have a vast network of lenders who will still lend to homeowners facing credit & income challenges

With over 50 lending partners to choose from, we have access to lenders who are willing to find excellent solutions for our clients with unique and challenging circumstances.

Mortgage Refinancing with the Mortgage Brokers Network

Even if it isn’t time to renew a mortgage, we know exactly who to approach on your behalf to suit your specific borrowing needs. You can trust that the strength of our network will be your advantage as a borrower. 

Our common-sense approach to lending will help you refinance and achieve your financial goals. We recommend booking a free consultation with our team to review your options. Our lenders offer flexible lending requirements that can accommodate even the most challenging situations.

To make sure you are getting the best mortgage refinancing advice possible, start with the brokerage with decades of experience. Contact us today and be approved for mortgage refinancing in as few as 24 hours.

Find out why Canadians choose the Mortgage Brokers Network

Thinking about refinancing your mortgage?

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Term Posted Rate Our Rate Claim This Rate
Home Equity Line of Credit Prime + .50% Prime +.50% Claim Rate
Fixed 1 Year 4.69% 4.19% Claim Rate
Fixed 2 Year 4.89% 4.59% Claim Rate
Fixed 3 Year 5.04% 4.69% Claim Rate
Fixed 4 Year 5.69% 4.79% Claim Rate
Fixed 5 Year 5.24% 4.59% Claim Rate
Variable 5 Year 5.80% 4.7% (prime -.90%) Net Rate 3.80% Claim Rate
Fixed 10 Year 5.90% 5.54% Claim Rate