Debt Consolidation:
There are times when it is prudent to increase the mortgage on your home to pay-off other debts with a higher interest rate. A good example of this are credit cards and car loans. Increasing your mortgage at a lower rate than your other debts decreases your interest costs and lowers your monthly payments, improving your monthly cash-flow. If you have sufficient equity in your home and a high amount of consumer debt, a mortgage debt consolidation may be worthwhile considering.
Equity Take-Out:
If you have sufficient equity in your home, an Equity Take-Out is a potential vehicle to access funds that you wish to use for other purposes. Some examples of this include: renovations/additions to your home, other major purchases, or investment purposes.
Reducing the Interest Rate on your existing mortgage:
If you obtained your existing mortgage at a higher interest rate than what is available in the current market, you may want to consider obtaining a new mortgage at a lower rate. Lower interest rates, reduce your interest cost and thereby lowers your monthly payment, once again, improving your cash-flow.
Please note: The above scenarios are all subject to qualifying conditions and may not be appropriate for your individual situation. Your existing mortgage situation must be carefully considered. Seek professional advice in advance.
There are times when it is prudent to increase the mortgage on your home to pay-off other debts with a higher interest rate. A good example of this are credit cards and car loans. Increasing your mortgage at a lower rate than your other debts decreases your interest costs and lowers your monthly payments, improving your monthly cash-flow. If you have sufficient equity in your home and a high amount of consumer debt, a mortgage debt consolidation may be worthwhile considering.
Equity Take-Out:
If you have sufficient equity in your home, an Equity Take-Out is a potential vehicle to access funds that you wish to use for other purposes. Some examples of this include: renovations/additions to your home, other major purchases, or investment purposes.
Reducing the Interest Rate on your existing mortgage:
If you obtained your existing mortgage at a higher interest rate than what is available in the current market, you may want to consider obtaining a new mortgage at a lower rate. Lower interest rates, reduce your interest cost and thereby lowers your monthly payment, once again, improving your cash-flow.
Please note: The above scenarios are all subject to qualifying conditions and may not be appropriate for your individual situation. Your existing mortgage situation must be carefully considered. Seek professional advice in advance.