Consolidate Your Debts
Use Your Home Equity to Consolidate Your Debts
Many Canadians are taking advantage of refinancing some of the equity in their mortgage to consolidate their other debts such as credit cards and personal loans & lines of credit. Why pay high interest rates on your bank's credit card debt when you can add that debt to your mortgage and pay a much lower interest rate! One important part of a strategy is knowing "good debt" from "bad debt". A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way.
1. Consolidate high interest rate credit cards to one lower rate.
2. Save money and increase cash flow.
3. Reduce stress knowing that your financial situation is now manageable.
Is there a penalty to Break my current mortgage to Refinance?
Depending on the terms of your existing mortgage contract it is possible that a penalty may apply to refinance. The main factors for lenders determining if you have a penalty and how much it is are: Maturity Date of your current term, existing interest rate and current balance.
How can Laking Financial help me with this costs?
Laking Financial has access to a great program to help Canadians reduce the costs associated with mortgage penalties. As mentioned above your mortgage balance plays a big role in determining the penalty. Since you are generally permitted to prepay up to 20% of your mortgage balance annually without penalty we are able to help you take advantage of that. By reducing your mortgage balance you would reduce your penalty. Like most Canadians looking to consolidate debts having the available cash to do this is likley not an option so we can look after making those arrangements for you. We have setup an affiliate account with PaylessPenalty.com who lends you the funds to pay down your mortgage. So what's the catch? No Catch at all...At closing the lawyer would pay back the funds you borrowed with no interest! Whatever you saved on your penalty you split 50/50 with PaylessPenalty.com. So we can offer this great service with NO COSTS, part of what you save pays for the service.
The Link below will take you to our affiliate site where you can send your information to start saving!
Check out this video which is a great example of using a mortgage refinance to payout higher interest debts:
*Subject to approved credit, income verification and meeting lending credit granting criterea. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.