One Stop Mortgage Corp Blog

A Home Equity Loan to Consolidate your Debt

October 27, 2012 by @OneStopMtgCorp

One Stop Mortgage Vancouver team

Consolidate your Debt

Alice came to us with a familiar story.  Like many people, she started leaving a balance on her credit cards and paying what she could.  With 18% interest on her cards, the debt soon took control of her life.  She began paying bills after their due date, bounced a cheque once in a while, and took out advances from new credit cards to pay off balances from old credit cards; the stress increased.  She knew she had to pay off her debt and take control of her debt, but couldn’t imagine how to do it and still afford to live. 


Alice took a second job and started to use that money to pay off her many credit cards, but it was still too much to keep track of and too much money went to pay interest.  When she started to feel like she could no longer pay her mortgage and could lose her house, she began to look for help. 


The team of mortgage brokers at One Stop Mortgage Corp were able to help.  They assisted Alice by looking at her finances and suggesting tips to get her financial state back to a healthy position.  Since she owned her own home, the One Stop Mortgage Corp team was able to consolidate all her debt from her multiple credit cards into one easy, lower monthly payment.  Through a home equity loan, Alice eliminated the stress of multiple credit card payments, harassment from collection agencies, and the fear of losing her home.

 

The Warning Signs

There are many warning signs that suggest debt is overtaking your life.  If you are not paying off your credit card every month, or do not know where your money is being spent, it becomes dangerous.  Keeping a budget is vital – it’s so easy to just spend on daily habits, such as lunches out, or expensive coffees without realizing how much it is costing you to maintain these habits each month and over the year. 

Keeping too many credit cards is also a problem particularly when you carry balances on each one of them, or apply for a new card to pay off the debts on your other cards.  It is far better to keep 1-2 credit cards only, know how you spend your money through budgeting, and pay off your credit cards each month.  If you are spending beyond your means, you need to review what you actually need versus what you want.  One easy rule of financial management is – if you don’t need it, don’t buy it.  If you need something, but can’t afford it now, save up for it by putting aside money each month until you can pay outright for the product.


Money problems put incredible stress on a person and his or her relationships.  Troubles with debt can lead to the loss of your home, breakdown of your marriage and family relationships, incredible stress and permanent health problems as well as a deterioration of your credit score.  When times get tough, and you are carrying a huge debt load, it becomes harder and harder to make the money you need to carry that debt.

 

The Solution is Debt Consolidation

If you are not paying off your credit card bills each month, and you are finding it difficult to carry your mortgage, it is time to consult the Mortgage and Home Equity Loan specialists at One Stop Mortgage Corp.  The One Stop Mortgage Corp team are on your side to find you the best solution to your financial issues, and have extensive experience and resources to assist you.  
There are many solutions within debt consolidation that will assist you in lowering your monthly payments and giving you the breathing space to start paying off your debt.  These include:


Lower interest rates:  By lowering your monthly interest rates, you are able to reduce your payments and use the balance to pay back the principal amount owed.


Home Equity Loan:  A line of credit based on the equity in your home is an easy way to consolidate your debt.  Over time, the market value of your home should increase, along with the principal payments that are included in your monthly payments go together to increase the amount of money that is sitting in your home.  By using your home equity, a mortgage broker is able to get you lower interest rates and better loan terms.  This loan usually comes as a lump sum of cash that can be used to pay off your credit cards, car payments and other forms of debt into one lower monthly payment.  The money you save each month by having a lower monthly payment can be used to begin paying down your debt and giving you a bridge to more financial freedom.


Using a Mortgage Broker:  When you use a mortgage broker, you get someone who will give you advice based on your financial needs, who will fight to get you the best rates, and who has access to a wide range of funding that goes beyond that of a traditional bank.  It is amazing when you have someone on your side who understands all the elements of debt and mortgages who can see the path you need to follow to find your way out of debt.

Why work with a mortgage broker?  Read more here.

 

Get help and advice from the One Stop Mortgage Corp team today

The team of mortgage brokers and home equity loan specialists at One Stop Mortgage Corp are here to help.  Using their extensive financial experience, their expertise in home equity loans, debt consolidation and mortgages, and their wide range of funding options, they are able to find you the best deal you can get based on your credit rating and home equity. 

They have helped countless people take back their life and reduce their stress through home equity loans, great mortgages and debt consolidation solutions.

They can be reached at 1-877-874-8988 or sergio@onestopmortgage.ca.  Contact them today and see what kinds of solutions are possible to reduce your debt through debt consolidation, home equity loans or refinancing your mortgage.

Take control of your debt, free yourself from multiple monthly payments at high interest rates and set up a home equity loan today to consolidate your debts. 

1 877 874 8988 (toll free)
604 874 8988
604 874 9109 (fax)
 

One Stop Mortage phone number

 

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