Consolidating your mortgage provides great options for people who want to pay off some debt. Typical things that are payed by consolidating your mortgage are car loans, credit cards, and lines of credit. For homeowners this is a great option to provide some relief and available cash flow.
But in order to consolidate your mortgage you need to have available equity in your home otherwise there will be no money available to pay off the debt. In short you use the available equity in your home to pay off your high interest credit cards, and then only have a mortgage payment.
Speaking with a mortgage broker who can explain your options is a great idea before you consolidate your mortgage. With so many different lenders and so many different options you want to make sure you get the best product available. Watch this episode with Realtor Joe Terceira and mortgage broker Tracey Brock to learn more about consolidating your mortgage.
For more information on consolidating your mortgage contact Tracey Brock of Dominion Lending Centres.
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Joe Terceira / Sales Representative
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