Debt Consolidation

Debt Consolidation (Refinancing)

Using your mortgage is a great way to pay off high interest rate credit cards, loans and consolidating your debt.  This is called re-financing and is also known as a debt consolidation.  Re-financing occurs when a current home owner increases their current mortgage (or places a mortgage on a home that is currently free of financing) to include other high interest debts that they have accumulated over time. 

For example, if someone owns a home worth $250,000.00 and has a mortgage on the home for $125,000.00 they have what is known as "equity", that is the difference between what the home is worth and the amount they have owing on it.  Lets assume that this person also has $50,000.00 in high interest debt such as credit cards and loans.  Since high interest debt is one of the major contributors to bankruptcies in Canada, our team would do the research and determine a plan of action.  In this situation, obtaining a new mortgage for this individual of $175,000.00 is the answer, paying off the current $125,000.00 mortgage and the $50,000.00 in high interest debt all in one shot, thus lowering total monthly payments and saving money that would otherwise be paid to credit card and loan companies. 

The Dave Butler Mortgage Team specializes in providing full debt consolidation services through mortgage refinancing.  We work with Mortgage Lenders who are ready to lend up to 100% of the value of your home to help lower your total monthly payments.  We also work with our clients to ensure that their credit scores stay high through credit counselling and constant contact. On average, we have saved clients up to 75% on their monthly bills. We do this by using your mortgage as an umbrella for paying off your other bills at a lower rate. The main advantage is, instead of having 5 different bills a month with 8-18% interest rates attached, we consolidate those bills into one bill by using your mortgage.  

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