Using the equity with-in your home to reduce your monthly payments
Over the last 5 years owners of Real Estate have seen a great increase in their investments, but have also, due to inflation, seen their monthly expenses increase.
The cost of almost every commodity has significantly increased, monthly costs have increased at a far faster pace than regular income streams.
This has led to many Canadians using revolving debt more and more, Credit Cards, Lines of Credit and additional higher interest loans.
Unfortunately what many Canadians do not know is that when revolving credit balances reach over 30% of their balances then this will begin to negatively affect your credit score even if you make regular payments.
“Monthly costs have increased at a far faster pace than regular income streams”
Consolidating this debt into your mortgage is one way to reduce monthly outgoings and the amount of interest you are paying.
This is not the best strategy for everyone but does work in specific cases.
If you would like to discuss your specific situation please do not hesitate to reach out