How long has it been since you have thought about your mortgage – and how well it is working for you?

With 2017 speeding by so fast, take some time today and set a goal to make a change in your mortgage situation – for the better – before the year is over!

Is the debt from Christmas still hanging around longer than you initially hoped? Do you have a student ready for post secondary and need some cash for tuition? Are you looking around at your landscaping now that summer is around the corner, and realize you have some major work to do? Or maybe you want a pool, but don’t have the money on hand. Perhaps you should consider a mortgage refinance, and pay down that high interest debt, pay for your child’s tuition, or invest in outdoor home improvements, with the equity in your home. It could save you thousands in interest!

Canadian homeowners have a great option: debt consolidation. It’s a simple concept: you roll up all the extra debt you have outside your mortgage, and you consolidate it into a new or existing mortgage. And with the rates continuing at historical lows, now is the time to consolidate.

If you’ve built up some equity in your home, then debt consolidation using your home equity is the simplest way to power through your debt*. The key advantage is the low interest rate: you’re trading your higher-interest loans and credit payments for one easy low interest payment. So you can see huge savings in interest charges and be out of debt faster than you thought possible. The second big advantage is cash flow. If you’re struggling with your monthly debt load, then a consolidation can offer big relief!

Some of the many options to consolidate your debts include a new mortgage with lower mortgage rates, a small second mortgage, or even a secured line of credit on your home. All of which can be used to pay our your short term debt, and ultimately offer lower interest rates than the standard bank and store credit card rates, freeing up cash flow each month, and interest savings down the road. Reducing the number of payments you have each month, and the amount of money you are paying for your debt, relieves the financial blues and sets you on a better financial path!

Wondering if debt consolidation is right for you? Dig out your credit card and loan statements. Write down the balances for each, note the interest rates you’re paying, and jot down your monthly payment amounts. Then give me a call at 519 868-6794 or make an appointment with me and get a realistic assessment of your options and savings. Finish 2017 off on the best financial path you can!

• Please do not equate debt consolidation using your home equity with debt consolidation using a regular loan. They are not the same. Loans are a more expensive option I do not recommend. If you have the option to use your home equity, choose this option instead.