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Refinance your Home to Consolidate your Debts
When the repayment of personal loans, credit cards and high interest financing plans give you a headache, it is time to think about consolidating your debts.
Debt consolidation is the process of combining two or more debts so you end up with a single debt payment, which, in this case, becomes your mortgage payment.
Indeed, it is possible to refinance your mortgage and use this money to repay all of your debts in a single payment.
Your Dominion Financement Commercial mortgage broker can help you throughout the process and explain the many benefits of debt consolidation.You improve your capacity to pay, you replace multiple monthly payments by one convenient payment, you will pay lower interest rates on certain loans and reduce the number of creditors to one. It's simpler, more efficient and easier to manage.
Mortgage refinancing to consolidate your debts works the same way as if you would refinance your mortgage to finance a project:you can borrow up to 80% of your property’s market value at any time! If you subtract your mortgage balance from this amount, you get the amount available to repay your loans.
Simplify your financial management and save money by calling your Dominion Financement Commercial mortgage broker today.