If you happen to be carrying extra debt from credit cards or other loans (such as car loans, personal loans, etc.) you may benefit from simplifying and reducing your overall monthly payments, especially given rising costs in the current economic climate.  Rolling extra debt into a mortgage could be a great solution.

Consolidating other forms of debt into your mortgage has multiple benefits. This process allows you to pay off your loans over a longer period with smaller payments per month, and often at a reduced rate of interest when compared to credit card interest for example.  Credit cards often have higher rates of interest than mortgage loans do.

Not only does debt consolidation help with clearing up high-interest debt, it also makes your debt more manageable keeping track of fewer payments.

While debt consolidation through refinancing will increase your mortgage amount, lowering your overall payments and management can be well worth it when it comes to cost savings, time, and stress.  Please note, you need at least 20 percent equity in your home to refinance.

If you are looking for a way to simplify (or get out of) debt, please don’t hesitate to reach out to ask.  I am happy to review your financial portfolio as it relates to reducing costs and improving cash flow, and any other mortgage information you might need.

Adapted from DLC Marketing

Image: Debby Hudson on Unsplash