Act now to restructure your debt.
By using the equity in your home to consolidate your high-interest debt into a new or existing mortgage, you can boost your monthly cashflow, pay down your debt faster and save potentially thousands of dollars in interest. Unfortunately, new mortgage rules may affect your ability to access your home equity. Act now to realize these benefits:
Consider the following example – existing mortgage, car loan and credit cards total $400,000. Roll all that debt into a new $412,000 mortgage (including a fee to break the existing mortgage) and just look at the payoff:
| MONTHLY PAYMENTS* | |||
| TOTAL DEBT | CURRENT | NEW | |
| Mortgage | $350,000 | $1,746 | $2,055 |
| Car Loan | $25,000 | $517 | $0 |
| All credit cards | $25,000 | $650 | $0 |
| TOTAL | $400,000 | $2,913 | $2,055 |
That’s $858 less each month!
If you put $500 of your monthly savings back into your mortgage payment, you’ll reduce your amortization from 25 years to 19. Or you could invest in RRSPs or RESPs and reap some tax benefits. The choice is yours.
To find out how you can lower your debt, boost your monthly cashflow and be mortgage-free quicker, before the new rules come into effect, contact the experts at MiMortgage.ca at 1 866 452-1100 today!
*3.49% mortgage, 5 yr term, 25 yr amortization. Credit cards 19.9% and car loan 9%, both 5 yr am. OAC. Subject to change. For illustration purposes only.
Mortgage Intelligence 