Let’s face it—your mortgage probably is not be the only debt you have. If you are like most people, you probably also have a credit card balance and one or two consumer loans. It is not uncommon for people to have more debts than a mortgage. Have you ever thought about taking equity out of your home, to pay off your other existing debts at a much lower interest rate? We analyze each individual situation to see what options you might have for debt consolidation New Brunswick.
But while your mortgage may not be your only debt, it’s most likely the debt that is the least expensive, compared to your other debts combined.
Taking out equity from your home allows you to combine your debts to pay them off in one monthly payment at a much lower interest rate, saving you tons of money over the years in interest or fees.
Here is an example of how using a home loan Debt Consolidation New Brunswick in can help you save money each month. Feel free to give Team Jardine a call, or fill out the email form on our contact page to find out what we can do for you.
Example of Debt Consolidation New Brunswick (before remortgaging)
| Current Situation | Balance | Payment |
| Mortgage (6.00%) | $150,000 | $959.00 |
| Unsecured Line | $10,000 | $300.00 |
| Credit Cards/Loans | $20,000 | $600.00 |
| Penalty | $2,000 | $0.00 |
| Total | $182,500 | $1,850 Monthly |
Below is a scenario after remortgaging and paying off those debts.
| New Mortgage | Balance | Payment |
| Mortgage (3.64%) | $182,500 | $959 |
| Unsecured Line | Paid Off | $0.00 |
| Credit Cards/Loans | Paid Off | $0.00 |
| Penalty | Paid Off | $0.00 |
| Total | $182,500 | $959 Monthly |
The above scenarios are showing that you would save $891 per month. That means you are saving $10,692 per year. In 5 years your net saving is $53,460. Providing most of the debts are paid off! So why wouldn’t you want to make some changes to save money in the long run?
We can help you with debt consolidation all across the province of New Brunswick. We look forward to hearing from you!
