There are many alternatives to consolidate debt and choosing the right option can be a difficult and stressful task. You want more than just a quick-fix. You need a long-term debt solution that will carry you through to debt retirement. There is nothing worse than plunging into a consolidation program only to struggle with the same problem few years down the road.
At Ronin Mortgage, we are devoted to seeking the best debt solutions that makes financial sense for our clients. We are specialists at rolling high interest debt into a mortgage with a lower interest rate. If you currently have personal loans, lines of credit, or credit cards, consider the option of consolidating everything into your mortgage. It is possible to refinance up to 80% of your home value subject to credit and income approval.
By doing so, you will be able to achieve three benefits:
- You will be able to significantly lower your overall borrowing costs, especially when you are paying 8-9% on a line of credit/person loan or 19% on a credit card. Comparatively, you would potentially be paying 2.85% based on the current variable mortgage rate.
- You will be to enjoy the convenience of only making one payment as opposed to making multiple payments. This lowers the risk of late or missing payments which would further increase your interests and negatively impact your credit score.
- You will be able to increase your credit score as you begin retiring multiple debt balances. Doing so opens up more financial options down the road.