Most Canadians dream of owning a beautiful home where they can raise their family and watch them grow. With the cost of everything rising and additional costs we accumulate as our families grow, Canadians may become unaware of how debt outside of their mortgage is holding them back.
For example, it’s common to have a car loan payment for $500 a month, a credit card bill that’s maybe $200 a month, and a line of credit that stays at around $300 a month. That’s $1,000.00 in payments outside of a mortgage. DID YOU KNOW, that can take AWAY 200K in mortgage qualifications? That’s the difference between buying a home for 600k or 800K! Debt consolidation allows you to free up your monthly cash flow to re-invest in your family’s future.
This is not something generally forthcoming if you deal with any lender on your own, as higher interest products are the largest profit-making item for all institutions.
If your debt is growing and you foresee a large purchase, we recommend being proactive. Refinancing with the lowest available interest rate including any penalties or costs will give you the chance to provide for your family’s needs.
If you’re ready to live the life you’ve always dreamed about and stop stressing about monthly payments, get in touch with us so our team can evaluate your financial situation and provide you with unbiased advice!
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