Debt Consolidation
Phone 780-968-5332
Toll Free 1-800-381-4474
Edmonton Mortgage Broker Stony Plain Spruce Grove Leduc Sherwood Park St. Albert Lowest Interest Rates
Let's start with a typical example. Bob and Linda have a house worth $350,000. Their mortgage is at $200,000, and that mortgage payment is $1200 a month. They owe 3 credit cards a total of $20,000, with combined monthly payments of $600. They have one car paid off, but the other one is financed at 6%, and the payment is $645 a month to pay off the $20,000 remaining. Their credit is good. Their combined household income is $72,000.
So in summary, their total monthly income is $6000, and their total debt payments each month is $2445. They are getting by, but the budget is tight.
Here is the MortgageFlex proposal. One new mortgage of $240,000. Their new payment is now $856 a month. Not only is thier interest rate lower, but now they are saving about $1589 a month.
This allows them to start contributing to RRSP's, family vacations, and invest in other things.
While these numbers may not be the same as yours, the principle is the same. We can help you lower your payments and your interest rate.
When Does This Not Work?
There are instances when consolidating does not work for people.
1. Not enough equity. In order to get you a new mortgage, we can only get you a maximum of 90% of the value of your house in a new mortgage. If your house is worth $350,000, and you owe $340,000, then we are unable to help you at the present.
2. No house. Sometimes people call me and want to consolidate but they don't own a house. MortgageFlex only does mortgages. You have to own a house, and have equity in the house first.
3. Locked in mortgage. There are some mortgage companies that will not let you out of your mortgage early. The most common one is Home Trust, but once in awhile other lenders will pull the same trick. If you have a mortgage like this, then you are unable to consolidate your mortgage like the example above. Your only option is to get a higher interest 2nd mortgage. Note that most mortgages are "closed" mortgages, but you can still get out of them most of the time.
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