Consolidate Your Debt

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Use Your Home Equity to Reduce Credit Card Debt

Many Canadians are taking advantage of refinancing some of the equity in their mortgage to reduce their credit card debt.  Why pay high interest rates on your bank's credit card debt when you can add that debt to your mortgage and pay a much lower interest rate!  One important part of a strategy is knowing "good debt" from "bad debt". A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way.

1. Consolidate high interest rate credit cards to one lower rate. 
2. Save money and increase cash flow.
3. Reduce stress knowing that your financial situation is now manageable.

Amrit is a specialist when it comes to helping customers consolidate their debts and start paying less interest!  Amrit can show you how to use your existing home equity in order to pay off all your credit card and loan debts in order to reduce your monthly payments and most importantly, save on interest!  In many cases the results are dramatic and the borrower’s monthly payments are reduced by more than $1500 per month or are paying half of what they were paying before, thus paving the way to eliminating debt and paying off their home faster.  If you are a current home owner, have some home equity and are carrying high interest debts or are looking for additional capital for renovations speak with Amrit today.

Call me, I am here to help!

Debt Consolidation
Look at the example below to see how you can save money...
CURRENT SITUATION NEW MORTGAGE
Current Situation Balance Payment Refinanced Balance Payment
Mortgage 5.10 % $240,000 $1,417 Mortgage 2.69% $290,000 $1,173
Car loan/cerdit card/line of credit $18,000 $600 Car loan/cerdit card/line of credit Paid Off $0
Renovations, finished basement, etc. $22,000 $610 Renovations, finished basement, etc. Paid Off $0
Penalty to Break Mortgage $4,000 $0 Penalty to Break Mortgage Paid Off $0
Total Balance $290,000 $2,707 Total Balance $290,000 $1,173
THAT'S A MONTHLY SAVINGS OF
$1,534 or $18,408 ANNUALLY

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