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Example: Your home is appraised at 5,000 and you have 8,000 and 25 years remaining on a 30-year fixed-rate mortgage.You want to get ,000 cash out of your refinance to pay off credit card debt and put a downpayment on a new car.In Canada consolidation loans are a way to combine several smaller loans into one single monthly payment.The concept is simple; getting the loan is the hard part.With this kind of refinancing, you will pay off your current mortgage loan and take out a new mortgage at a higher amount.
This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.Since our mortgage is up for renewal, we are considering consolidating some of our debts into one big loan (namely, our mortgage).From my perspective, the idea of having one single debt and one manageable monthly payment at a good interest rate seems to make sense both financially and psychologically. As a homeowner, one way to start managing some of your debt is to refinance your existing mortgage with a debt consolidation mortgage.A Debt Consolidation Mortgage allows you to obtain a lower interest rate and a higher credit limit by using the equity you’ve built in your current home.
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By consolidating your many obligations into a single one, you can often lower your interest rate and end up with a lower monthly payment.