Thursday, September 9, 2010

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Debt Consolidation

With today’s low Mortgage rates and rising property values, many Canadians are choosing to refinance their existing mortgages and use the equity in their homes pay off credit card and loan debt.
Now is a great time to consolidate all of the high interest bearing loans and credit cards and dramatically decrease your monthly payments.

Before Refinancing		After Refinancing
Existing Mortgage		New Mortgage
Property Value	$200,000	Property Value	$200,000
Existing Mortgage	$100,000	New Mortgage	$121,000
Interest Rate	7.5%	Interest Rate	5.34%
Monthly Payments		Monthly Payments
Credit Card ($12000)	$360	Credit Card ($0)	$0
Other debt ($9000)	$270	Other debt ($0)	$0
Mortgage	$731	Mortgage	$727
Total Payments	$1361	Total Savings	$634

This example shows that we are able to refinance their existing mortgage and consolidate loan and credit card debt into their mortgage , and actually lower the mortgage payment. These clients are using the savings of $634 and investing in an RRSP for their retirement.

In order to take advantage of this program you must be a home owner and have at least 10% equity or more in your home. If you have any concerns or questions please include them in the application/comments section or email us directly.

1 Year Closed	2.55%
2 Year Closed	3.20%
3 Year Closed	3.54%
4 Year Closed	4.09%
5 Year Closed	4.19%
7 Year Closed	5.30%
10 Year Closed	5.40%
Prime	2.25%
Last Updated: 09-Sep-10

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