We all have times when it seems there is too much debt left at the end of our pay cheque. Credit cards, car loans, taxes, etc, etc. These debts increase , and before we know it, we can find ourselves in a heap of trouble. You can either make more money with a new job or overtime however this is generally not an options or we can look at refinancing your mortgage to save on current debts and have lower payments and less debt by paying out some higher payment loans with the refinance funds from your Fort McMurray Mortgage.
Most credit cards, loans from department stores and lines of credits are unsecured, making them very high risk for the lenders. This means the interest rates on these loans will be very high (some as high as 29%). They will be amortized over a shorter term likely 3 to 5 years making the principal portion of your payments very high. With a few of these high payment loans your paycheck goes quickly towards these high interest and payment loans.
Be smart; use the equity in your Fort McMurray home. Pay off these high interest loans and replace them with a single low interest secured mortgage, amortized over 25 years.This will make your payments lower while still paying off these debts with your refinanced mortgage allowing longer amortization for the payments and a lower interest rate. Refinancing your Fort McMurray home to pay out these debts is a proactive approach to ensure no late payments occur or bankruptcy. It will also increase your credit score as your loan to value on the loans you pay out will be low, this makes up 35% of your total credit score. Imagine the feeling of telling credit cards companies that you don’t need more funds advanced once you pay them off. Financial freedom is only a call away. Call your Local Fort McMurray Mortgage Broker Jodi Whalen for the Best Mortgage Rates in Fort McMurray. Or Apply On-Line Today!