Refinancing Your Mortgage to Consolidate Debt

Are you finding that your monthly bills are becoming overwhelming and unmanageable? Maybe your credit card balances are nearing their limit and the monthly interest is eating too much of your budget. Whatever the case may be, sometimes it’s necessary to look at ways to reduce your monthly overhead and if you are a homeowner, refinancing your mortgage for debt consolidation may be the perfect solution.

We know that as a homeowner, you work extremely hard to build equity in your home. We also understand that things happen in life that may cause a need for additional funds. The great thing about the equity you’ve built in your home is that you can use that equity to consolidate your debt without having to take out a debt consolidation loan, borrow money from family and friends or worse, risk becoming so far into debt that you need to file for bankruptcy.

The Benefits of Debt Consolidation

There are many benefits to consolidating your debt into but here are some immediate benefits:

  • Increase your cashflow
  • Lower your monthly payments
  • Lower your interest rates
  • Pay less money in interest
  • Improve your credit score
  • Manage your finances easily by merging debt into one payment
  • Pay off your high interest debts sooner

Things to Consider

If you own your home but have poor credit you may be thinking that a second mortgage is out of reach or that the interest rate you’ll receive is too high. Although, it can be difficult to qualify for a second mortgage with bad credit it is not impossible. A Mortgage Centre specialist can look at your unique situation and find solutions for you that work. They can shop around for the best rate possible and can also help you to explore the option of a private second mortgage that can assist you in improving your credit.

What to do First

If you have a lot of credit card debt you’ll want to try to get this debt under 75% of your limit. Paying them off in full does look better but if it isn’t attainable don’t worry, we’re here to help you find solutions for your current situation.

Getting the Help You Need

It’s important when you are considering your options that you speak to a professional that can provide you insight and professional advice that will guide you to making the decision that is right for you. That is what the Mortgage Centre specialists are here for. We can help you to find a lender that can provide you with a second mortgage that works for you and your current situation. We also have access to private lenders that can still approve you and help to rebuild your credit score, even when other banks and lenders will turn you away.

Get the help you need today and start the journey of rebuilding your credit. Contact us today to schedule a free consultation.