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Consolidating your debt is the process of combining two or more debts into one, ideally to replace high-interest debt and reduce the stress of managing multiple payments.
Debt consolidation is where you can take a new loan to pay out a number of smaller loans or high-interest debts that you are paying. In doing this you can effectively bring all these debts together into one combined loan with one monthly payment.
Debt consolidation loans are issued by banks, credit unions, private lenders, and finance companies. When you receive a traditional debt consolidation loan, the lender either uses the funds to pay out the debts you jointly agree will be paid off, or they deposit the funds in your bank account and it is then your responsibility to pay out the debts or bills you wish to consolidate with the loan proceeds.
This process can eventually help you climb out of debt. Call us for a free consultation to get an unbiased opinion that would help you better manage your money, packed with guidance to help you get out of debt and get ahead.
A home equity loan gives you the opportunity to utilize the portion of the equity you have built up in your house to consolidate high-interest debt into a single payment. The reason for doing this is that the average interest rate is lower than that of a credit card.
Because of their low-interest rate, they are a great alternative for property owners who can save money by refinancing their high-interest debt at a lower rate. For debt consolidation loans in Ontario, get in touch with Mortgage Loan Ontario today.
Furthermore, if you have any outstanding debt like a personal loan, credit card debt, or a student loan, consolidating debt into a home equity loan can also serve as collateral to pay off those debts. Our debt consolidation mortgage broker will address any queries that you may have.
Additionally, using a home equity loan for debt consolidation will ideally lower your monthly payments. Because you will likely have a low-interest rate and a longer loan term. If your monthly budget is tight, you could save up how much each month to get out of debt quickly. For debt consolidation loans in Ontario, talk to our team at Mortgage Loan Ontario today.
Are you drowning in a sea of high-interest credit card debt or any other type of EMI payment? By consolidating your debt into an easy, single payment, you can eventually get out of debt over time.
With Mortgage Loan Ontario, we can help you get a low-interest rate loan to get you out of debt quickly. Our debt consolidation mortgage broker can help with:
Clearing card settlements or informal debts
Take control of your finances
Lower the burden of high-interest credit card debt
Consolidating more than one debt to pay them off quickly
Consolidating your multiple EMIs into a single EMI
Even though a credit card is a fantastic way to make quick purchases when you’re in a financial pinch, however, it is easy to get sucked into credit card debt which can ultimately impact your credit score and history. With the help of debt consolidation, you can avoid this financial hassle and take charge of your finances with reasonable monthly payments. If you are looking for a debt consolidation mortgage in Ontario, the team at Mortgage Loan Ontario can help with your specific financial needs.
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