Restructure debts with your mortgage
Many Canadians these days are carrying debt from several sources – credit cards, car loans, personal loans – and are paying much more in interest costs than they should be. An option to consider is to pay off higher interest debts with funds secured through a refinanced mortgage.
Debt restructuring can offer a simple way to better manage your borrowing costs. Some who restructure opt to shorten their mortgage amortization. Paying off your mortgage in a shorter amount of time will easily save you several thousands of dollars in mortgage interest costs. Others who restructure opt for lower monthly mortgage payments which create larger monthly cash flow for other purposes.
Most importantly, a well thought-out debt restructuring plan can set you up for success, because at the end of the mortgage amortization period, your total debt is zero. With revolving credit – such as credit cards – you may be paying a lot in interest without ever attacking the principal.
Take control of your borrowing costs – an Invis mortgage professional will review your financial needs and show you how restructuring your borrowings can reduce the interest paid on debt.
