When you own a home, it’s extremely important to learn how managing your debt will allow you to live without the stress of making monthly payments. When you get into debt trouble, refinancing your mortgage to pay off debt is a step you can take. But by learning how to manage your debt, you can avoid using equity in your home to refinance debt, and save that equity for more important things.
If you have some debt and have some equity available in your home one option is to refinance to pay off the debt. The way this works is that you refinance your mortgage with the debts included and completely pay off your debt. But now the mortgage on your home will increase of course due to this refinance.
Watch this episode with mississauga real estate agent Joe Terceira and mortgage broker Tracey Brock of Dominion Lending Centres where she explains how to refinance your mortgage to pay off debt, and how to manage your debt.
For more information on financing, or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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