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8 Nov

Debt Consolidation – Pushing the reset button.

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Posted by: Angela Calla

Debt Consolidation – Pushing the reset button.

This is not your parent’s mortgage!!  We have been well trained by our parents who have been strongly influenced by the banks to want to quickly pay off our mortgages.  Back then, the price of homes were substantially lower and the interest rates were astronomically higher.  Our environment has changed.  We now have these big mortgages with incredibly low interest rates that we should be taking advantage of.  The equity grows and you get the tax benefits of home ownership.  Due to cost of everything including home ownership rising, 6/10 Canadians are living paycheck to paycheck due to debt. We are struggling with debt and the banks are profiting from the incredibly high interest rates incurred by credit cards and other loan providers.

Debt Consolidation will free up your monthly cash flow to in turn re-invest in yourself and your financial goals

If you have a home and have acquired the equity in your home, why not take advantage of the lowest interest rate available. Most of us are afraid to consolidate our debt with our mortgage. Our main focus is to pay off our Mortgage as quickly as possible…before retirement preferably, please and thank you.

Think about this, how are you possibly going to pay off all that debt without an inheritance, winning the lottery or a crazy large bonus at work. If your debt is growing, be proactive.  Refinancing with the lowest available interest rate including any penalties or costs will give you the chance to start over. And increase your cash flow that can no go towards the principal in your home rather then paying the high interest on your debt.

Saving our clients money and the freedom of not living paycheck to paycheck

Through debt consolidation, we have saved our clients anywhere from $500 to $5,000 per month that they were using to pay off their debts.  That equals anywhere from $6,000 to $60,000 a year.   It’s empowering to be able to build a savings nest or buy an investment property or invest in RRSP’s and RESPs.  All the things our client’s wanted to do but were unable to do because they were focused on paying off debt.  This increase in liquid cash can make the difference between spending the next 10 years paying off debt or spending the next 10 years building up your financial portfolio and your savings account and growing your wealth.

I still want to pay my mortgage off faster!!!

This is even more possible after a debt consolidation. This increased cash flow can be put back into your mortgage as well as be used to build up savings.  Traditional Bank mortgage terms and conditions lock you into an inflexible mortgage that takes away your control to pay off your mortgage quicker and adjust to lives challenges. In some cases, you are given one day, on your anniversary date to pay an additional amount.   Mortgage Brokers have access to Lenders, not available to the public, that will help you achieve your mortgage goals faster and without bias using competitive mortgage rates, flexible payment structures and low exit fees to work to your advantage with every life stage.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  For media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at callateam@dominionlending.ca or 604-802-3983.