I’m Swimming in High Interest Debt Payments – What Do I Do?
Author: Boychuk Mortgage Group |
Consider consolidating that high interest debt into a low interest option like your mortgage.
For every $400 in monthly debt payments that you consolidate, you will gain about $100,000 in additional mortgage financing PLUS lower your overall monthly payments.
This strategy results in saving you thousands of dollars each month and can help you increase your total borrowing power.
o Let’s look at a quick example:
o $25,000 car loan
o $750 monthly payments
By consolidating this car loan into your mortgage, you will save $75,000 & about $350 on your total monthly payments.