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At a glance (Consolidating debt new mortgage)
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What I'm looking for (Consolidating debt new mortgage)
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Refinancing can start at today's 5-year rate of 2.39%*.
Notice the high interest rates and total monthly payments of $4,250 needed to pay off the line of credit, credit card and car loan in four years while still making the minimum mortgage payment for the next 25 years. All calculations in the above example are based on four years (4-year mortgage term, 4 year financing for car loan and a 4 year plan to payout of all credit debt).Credit debt payments are calculated at a fixed amount based the first payment using 3% of credit card balance and 2.5% of credit line balance.Monthly mortgage payment calculation is based on a standard 25-year amortization.For additional calculations, try our Mortgage Calculator and Credit Card Payment Calculator Tool.Well over 15 per cent of our online applications are about consolidating debt, which means we get thousands of requests.That's because debt consolidation, a type of mortgage refinance, is quite common these days.
It's not because people are in debt, it's because it makes sense.
Pulling equity out of your home at today's great interest rates can save you as much as 22% a month in interest charges!
The valuable equity that you have in your home can be used to consolidate high interest credit card debts, credit lines and even car loans.
In the past, for a client to consolidate credit card and loan debts, a second mortgage was your only choice.
Did you know second mortgage rates can be as high as 24%?
Today, you can refinance your existing mortgage to incorporate those debts and remove the debt load without having to take out a second mortgage.