Do you have outstanding debts? You may be able to save thousands of dollars in interest and become debt free years earlier by consolidating your debt into a low interest debt consolidation mortgage. Below is an example of how a consolidation works and how much money can be saved:

Current Debt Interest Payment Interest Paid Amortization
Mortgage: $322,420 4.2% $1,731.13 $196,919.97 25yrs
Auto Loan: $16,732 8.9% $346.52 $4,059.04 5yrs
Credit Card 1: $8,297 19.1% $133.23 $31,671.35 25yrs
Credit Card 2: $12,451 6.8% $86.42 $13,478.68 25yrs
Total: $359,900 $2,297.30 $246,129.04

New Mortgage of $359,900 @ 3.29% and payments of $2,297.30 (to compare apples to apples)

Interest =$109,952  A savings of $136,177.04

Amortization = 17yrs 1month Debt free nearly 8 years sooner

Request a NO OBLIGSTION Debt Consolidation Analysis

If you don’t currently own a home or have enough equity in your existing home in order to consolidate your debt into your mortgage but are in need of financial assistance, there are other options available but beware…There are many credit counselling agencies that benefit from serving the interest of the lenders! We have seen many clients come through our door who had negotiated with these not for profit organizations and in turn caused undue damage to their credit and were NOT given the best advice for their situation. At the PlaceToMortgage we work hand in hand with licenced debt consolidation experts that will represent YOU! They can answer questions such as:

  • Is a debt consolidation mortgage the best path for me? (it depends)
  • Should I just pay creditors directly or go through a private company?
  • Does the Alberta government offer debt consolidation?
  • How does a consumer proposal work?
  • When should I declare bankruptcy?
  • Can you consolidate credit card debt?
  • Will I lose my house if I do debt restructuring?

Request a consultation with a licensed debt consolidation expert