Debt Consolidation Mortgage

Debt Consolidation Mortgage

Did you know that you can unlock the equity that you have built up on your home to consolidate your high interest debt? Secured debt is significantly less expensive than your traditional 19-27% credit cards. By accessing your home equity, you can save thousands of dollars per year in interest costs.

Here’s an example. Jaime works full-time as a social worker, but she was out of work for almost a year because of an injury outside of work. During this time, she depleted her savings, maxed out her credit cards, and had some of her accounts in collections. Her credit score took a major hit and was constantly harassed by debt collectors.

Jaime came to us for help. We were able to pay off all her outstanding unsecured debts and consolidate them into 1 low monthly payment. We got our client 2 new secured credit cards, and were able to repair her credit within 12 months.

Home Value: $660,000
1st Mortgage Balance: $324,000
Home Equity Loan Amount: $35,000
$20,000 Visa Card Debt: PAID
$5,000 High-Interest Payday Loan: PAID
$3,500 Debt in Collections: PAID
Credit Score Before vs. Now: 544 vs. 672
Payments Before vs. Now: $875 vs. $291 per month
$7,008.00 saved at the end of 1 year

If you would like to use your home equity to consolidate high-interest debt, call Financialworks Mortgage Corp. today at 905-453-1800 for the home equity loan that works for you.

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How can we help you?

We proudly serve all the GTA, Peel and Durham regions, offering the residents of Toronto, Mississauga, Brampton, Ajax, Pickering, Oshawa, Markham, Unionville, Woodbridge, Vaughan, Maple, Newmarket and Ontario a range of borrowing solutions to suit their needs.