Debt Consolidation
Struggling to make ends meet every month. Can’t see the light at the end of the tunnel? Your financial institution is reaping the profits of your interest payments and likely don’t want to make it easier on you. Give us the chance to show you!
Get a handle on your debts by financing!
The more debts – and payments – you have, the more difficult it is to manage your budget.
By consolidating them under your mortgage, you’ll pay them off faster, and at a much lower interest rate. Your property can help you reduce your debts, giving you the means to borrow up to 80% of your equity. In addition to benefiting from a very low rate and a payment that consolidates all your debts, this amount is often less than the total of what you had to pay on both sides before.
Refinancing your property to consolidate your debts is a solution that should be used when the situation calls for it. It’s a measure to help you regain control of your debts. Your debts don’t disappear. They are simply spread over a longer period of time to help you pay them off, thanks to the better rate you benefit from.
Talk to your Multi-Prêts broker to take advantage!
How much can I save
Put some breathing room in your budget
The more your debts and payments multiply, the more complicated managing your finances becomes. When you consolidate your debts in a mortgage, you can pay back quicker by paying less interest, thanks to lower rates.
Debt consolidation is an efficient option to get out the debt sprial and begin to breathe again.
Find a brokerTop 3 reasons to consolidate your debts
- You are having difficulty balancing your budget, living month to month.
- Your income has recently gone down or is less stable.
- Your interest rates are higher than you’d like.
The benefits of debt consolidation
- Lower monthly payments
- Lower interest payments (with reduced interest rates on debts)
- Better financial management (one payment instead of several)
- Keep your credit profile clean
Refinancing: How much can I save?
Situation before consolidation
| Rate | Balance | Term | Payment / Month | |
|---|---|---|---|---|
| Car loan | 12% | $10,000 | 10 yrs | $350,00 |
| Personal loan | 15% | $5,000 | 5 yrs | $400,00 |
| Mortgage | 15% | $200,000 | 20 yrs | $1052,04 |
TOTAL MONTHLY EXPENSES : 1 802,04 $
Situation after consolidation
| Taux | Solde | Terme | Paiement / Mois | |
|---|---|---|---|---|
| Refinancing | 4% | $215,000 | 25 yrs | $1,130.94 |
MONTHLY SAVINGS : 671,10 $
