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How taking out new loan can help you to pay off debt
The process of consolidating debt aims to help individuals to pay off their consumer debts by taking out a new loan. This combines multiple debts into a singular pool of debt, which typically offers better pay-off terms that the individual received by having multiple debt accounts.
Our helpful team of debt consolidation specialists can help you to find the right solution and will answer all of your questions along the way.
Your Options
The right mortgage solution can help you to pay off those high-interest credit cards and improve your monthly cash flow. Debt consolidation solutions also let you pay off your mortgage faster, particularly if you choose to move an existing mortgage to a lower-cost lender.
Example :
| Current situation | Balance | Payment |
| Mortgage (2.99%) | 350,000 | 1,654 |
| Car loan | 25000 | 800 |
| Credit cards/line of credit | 20,000 | 600 |
| Penalty to break mortgage | 5,000 | 0 |
| TOTAL | 400,000 | 3,054 |
| Current situation | Balance | Payment |
| Mortgage (2.99%) | 400,000 | 1,912 |
| Car loan | Paid to | 0 |
| Credit cards/line of credit | Paid to | 0 |
| Penalty to break the mortgage | Paid | 0 |
| TOTAL | 400,000 | 1,912 |
YOU SAVE: $1,142/m
This cash flow can be used for immediate needs, or, can be re-applied to the mortgage as pre-payments, to be mortgage-free sooner.
How The Mortgage Station Can Help
Credit cards and other sources of debt come with higher interest rates and the burden of managing multiple payments each month. Our team can create a plan that will help you to reduce your debt and put yourself in a better financial situation through consolidation.
Speak to an agent today! 1.877.512.0007