Debt Consolidation in Penticton BC
Very few people know that they can go to a mortgage broker to consolidate debt. In reality, it’s the best course of action you can take when concerned about getting your credit back on track. By consolidating other debt with your mortgage, which likely has a much lower interest rate than your credit cards, you can save a small fortune in monthly payments. This adds up to very significant savings once the loan is all paid off. Plus, with lower payments you can get your quality of life back on track.
Need an example? A recent client of Carloni Mortgage Brokers had a mortgage at 3.49% with balance of $400,000, along with credit card debt totaling $30,000, in addition to a $10,000 line of credit. Our team was able to refinance their mortgage, and in doing so dropped their monthly payments by $1,228 – that’s $14,736 per annum. Could you use and extra 14K (example) at the end of each year? Absolutely!
Below is a visual breakdown of what your debt consolidation could look like:
|Line of Credit||$10,000||$300|
Rene saved his clients $1,228 per month!
*Based on a mortgage of $440,000 with a 25 year amortization at a rate of 2.49% on a 5 year term APR is 2.49%
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