Ready To Consolidate Your Debt Into Your Mortgage?

Debt Consolidation Victoria BC

You can save thousands of dollars in interest and cut your monthly payments by up to 60% when you use your home equity to pay out your non-mortgage debt.

No matter how hard you work, there may come the point when it feels as if your finances are spiralling out of control. If you are struggling to pay your bills and balance your monthly budget, then it might be time to consider debt consolidation in Victoria, BC. These services are going to take some weight off your shoulders so that you can begin making progress toward your financial goals once again.

The Basics of Debt Consolidation

According to the CBC, nearly half of all Canadians are $200 away from financial insolvency, and that can put quite a bit of stress on a family. With debt consolidation services, you will apply for one large loan that covers all of your existing smaller debts. That new loan should have much lower interest rates and a manageable payment plan. You can consolidate many different types of debt, including credit cards, car loans, student debt, CRA tax debt, and home loans.

Benefits of Debt Consolidation

  • Single Monthly Payment: Simplify your monthly budget by paying off your primary debts with a single payment each month.
  • Avoid Aggressive Lenders: If you are tired of getting calls and letters from aggressive debt collectors, then these services might be right for you.
  • Save Money: One of the biggest benefits of debt consolidation is the ability to save more of your money by lowering your interest rates.
  • Boost Your Credit: Missed payments can wreak havoc on your credit score, and that is going to impact your ability to get loans in the future.
  • Quickly Eradicate Debt: No one wants to be struggling with debt for years, and consolidating your debt could help you achieve financial freedom relatively quickly.

Lending Requirements

While debt consolidation is a great option for many people, there are some requirements that you should be aware of. In order to do a debt consolidation mortgage, you will need to be the primary owner or co-owner of a house or condo. That property must also be in a municipality that has over 5,000 residents or within close driving distance of a major urban centre. The lenders are going to take a look at your income as well, and you will need to have proof that you filed your personal income taxes all the way up to the most recent year.

What to Expect During This Process

The first thing that you will need to do is call our office and schedule a confidential call. During that call, we can assess your financial situation and speak with you about your long-term goals. I will then present you with a few different options, and you can choose which path to take. After the initial consultation, you will be sent a simple checklist of documents that must be returned to our office. It is important to note that you can end this process at any time, and there is no obligation to move forward if you ever feel uncomfortable.

Where to Go From Here

If you are a resident of Victoria or one of the surrounding communities and are tired of dealing with overwhelming monthly bills, then it might be time to take a closer look at our debt consolidation services. You could begin the process of rebuilding your finances in a matter of weeks, and our team is going to help you through every step in this process.

FAQ

Is debt consolidation right for me?

Even though debt consolidation isn’t for everyone, you might benefit from these services if you owe quite a bit of money to multiple lenders.

Does debt consolidation always work?

While these loans have helped countless people over the years, you must continue to work hard and make your payments if you want the process to go smoothly.

What is the difference between debt consolidation and management?

With debt consolidation, all of your existing loans are wrapped up into a single loan. The goal of a debt management plan is to help you reorganize your finances and restructure your loans.

What if my credit is bad?

Bad credit will make it difficult to get a debt consolidation loan, but you might be approved as long as you have a steady income and collateral.

Will this save me money?

As a general rule, consolidating your debts will save you money in the long run because your payments and interest rates should drop.

About Jennifer Harder

About Jennifer Harder

Jennifer is a professional mortgage broker located in Victoria, BC. She's helped hundreds of clients achieve their financial goals. If you're ready to make a positive change in your life, contact Jennifer today for a no-obligation quote.