The Smart Alternative - Pay Down Debt Fast
Simple Payments with a Debt Consolidation Mortgage Loan
Many Canadians have credit card debt and other loan balances that continue to put them behind. With incredibly high interest rates, such debt is likely to snowball out of control. What’s more, monitoring various debt levels can be a key challenge in attaining financial relief. How can Canadians escape a bottomless pit of debt combined with exceedingly high interest? Have no fear – there is an option to combine high-interest payments into a single lower-interest payment and accelerate debt repayment. If you are a homeowner, you can move outstanding credit balances using a home equity loan that consolidates your high interest bills. The combined loan will have a better payment, interest rate, and overall term.
Benefits of Debt Consolidation Loans
Faster Debt Elimination
A debt consolidation loan reduces monthly payments by shielding you from a high interest impact. We all know of high rates attributable to specific loan types – such as payday and unsecured loans. Credit card interest rates can also be avoided on your outstanding balance. This is because all combined debts will have a lower average interest rate. There is also a single payment made each month; and typical monthly payments can be reduced by a whopping 75%. This allows for efficient debt elimination, without undue interest costs.
You can improve your credit score substantially. Some may be concerned that an additional account could temporarily lower their credit score. However, these fluctuations will be outweighed by the boost of making on-time payments. Over time, you rebuild a stronger credit score through a consolidated loan that has manageable monthly payments. As a result, you may be able to secure bigger loans in the future, leveraging the equity you have built over the years in your home.
By consolidating all outstanding balances, you simplify your payments. Instead of separate tracking of credit cards or other loans, everything is combined into one outstanding balance. With all debt centralized and moved into a single monthly payment, you have a greater understanding of where you are – and where you need to be. This reduces your stress level substantially as you are no longer scrambling to monitor multiple accounts. For example, you can combine a $10,000 credit card balance, $20,000 line of credit and $2,000 payday loan. You will pay out $32,000 utilizing the equity in your home, which becomes the single outstanding balance to repay.
A debt consolidation loan can help you manage monthly commitments with ease. Clients with low or no income can tailor payments to accommodate their unique budget. With no early payment penalties, you can pay off the loan early too. Flexible repayment terms allow for designing a repayment timeline that best suits your needs – whether it’s to accommodate the sale of your home in several months, or the longest time horizon possible to increase monthly cash flow.
Why Choose Transparent Mortgages
At Transparent Mortgages, we offer an escape from an endless debt cycle. Our debt consolidation experts are eager to ease your concerns – whether you have outstanding loans, bad credit, or maxed-out credit cards. We are committed to helping any household make the most of their equity and manage their debt levels – without added stress.
· Immediate Interest Savings
· Lower Total Monthly Payment
· No Specified Repayment Date
· Financial Relief from Debt
· Credit Sore Improvement
· Cash Flow Improvement
Transparent Mortgages is here to help you escape from debt that could be drowning you. As experts in our field, let us help improve your financial health and well-being. Armed with industry-leading expertise and a client-focused team, we will exceed your expectations.
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