What Are the Benefits of a Consolidation Mortgage?
Author: Boychuk Mortgage Group |
There are many benefits to a consolidation mortgage. However, the biggest perk is you saving money!
The way we save you money starts with a discovery call in getting to know a little more about your current situation and your future goals. A build-up of higher interest loans such as car loans, credit card loans, and unsecured loans all have interest costs in the 7% - 22% range and is the reason why consolidating these into your mortgage at a far lower interest rate will save you money.
Your consolidation mortgage is done through a process of refinancing. When refinancing, we are often able to lower your current monthly interest rate, resulting in further savings to you and your family on your current mortgage payment as well.
Other common reasons many benefit from a consolidation mortgage via refinancing is the additional option to access your equity for the purpose of investments such as purchasing a rental property or completing home renovations. Both options result in increased cash flow and/or equity growth.