When debt becomes unmanageable, you need a plan to regain control of your finances as it is a major issue that can affect cash flow.
We Help Relieve Debt
Heavy debt load is a common issue in today’s world.
Whether the burden of debt arises from a major life event such as marriages, paying tuition, losing a job, or even from a few extra purchases here and there, you need to work with someone who can help pull together a plan to settle the issues and get you back on track.
Using the equity in your home to consolidate debt is an excellent way to do this.
Debt Consolidation Example
Let’s take a look at Peter’s financial situation:
- Four (4) credit cards with a total balance owing of $30,000
- One (1) personal line of credit for $10,000
- Two (2) loans totaling $12,500
He is currently paying $1,400 per month just to meet the minimum payments on these accounts. He also has a mortgage with a balance of $350,000 and monthly payments of $1,700. In total, he is paying $3,300 per month.
If Peter were to wrap up all the debt into a new mortgage, his new monthly mortgage payment would be about $2,000. By consolidating his debt, he has improved his cash flow by $1,300 a month.
To take it a step further, if Peter were to put some of that $1,300 in savings back into the mortgage by increasing his monthly payments, his mortgage would be paid off sooner.
Other Debt Consolidation Options
Even if you have credit issues and your bank has declined your refinance, there may still be options. We work with equity and private lenders all over Ontario and Canada-wide.
It may be possible to consolidate your debt into a short term mortgage with an equity lender to give you time for credit to rebuild, while making your debt load much easier to manage.
Another option may be to set up an open term second mortgage to wrap up the debt, then merge it with your first mortgage upon maturity. Home equity lines of credit can be useful for this as well. Once your credit is in better standing, you can move the mortgage to a prime lender.
The Graeme Moss Solution
Don’t let cash flow issues from debt ruin your life. If you need help consolidating your debt, we can help. We will help assess the situation, determine what the issues are, and finally build a plan to resolve these issues. We can help restructure things in a way that places you in a manageable position that allows you to move on with your life.
Contact us today for a free, confidential review of your situation. We are here to help.
People we’ve helped.
I first met Graeme over the phone when we were living in Hamilton and finding it difficult to make our payments. He was so helpful and we knew he genuinely wanted for us to be successful. Ever since, we have gone to him when purchasing a new home or refinancing because we trust him and we know he cares. He always goes above and beyond to help us when we need it. We went from struggling to make payments to living in our dream home in a few short years. I truly believe that it is because of his knowledge and passion for helping people build their futures that we are where we are today. Thank you, Graeme!!
Thank you Graeme, for everything you did to help us with our mortgage, for your patience with my questions and professionalism. We truly appreciate yours and Deborah’s efforts on our behalf. We’ll be sure to recommend you to anyone we know who needs help like we did. Thanks so much for everything.
Graeme Moss has provided stellar customer service and was a key player in ensuring due diligence. It was both a pleasure & very professional dealing with Graeme when I turned to Fair Mortgage Solutions seeking an interim solution. He, once again was very accurate in advising me, he is not a lawyer. What prompted me to negotiate the legal fees was associated to why this crucial “matter” between legal departments was not finalized in 2017. Moving forward, Graeme’s diligence directed me immediately to the right department. Your department honoured negotiating and we established completion of the task at hand, the Discharge of the MTG. Thank you!
We refer clients to Graeme who are either having serious financial issues, or are recovering from a bankruptcy or proposal filing. They are challenging situations. I can count on Graeme to treat people with compassion and respect. I trust that if there is a mortgage solution to be found, Graeme will make it happen. He truly cares about people and helps them to succeed.
You and your team are awesome. You truly care and you saved my life. Thank you.
This is great. We were so worried. Hearing how others helped who were in a similar situation. This is a godsend. We appreciate the roadmap. Glad it is within 3 days. The advice free, can’t go wrong.
My wife and I were stunned at the speed you got this done. The fee was very low. We are thrilled. Thank you for your help!
You guys are friggin awesome! We feel so happy. Thank you so much.
You have been a godsend. An absolute godsend. I can finally sleep at night. My children thank you. We have 6 options instead of being forced what to do.
I'm a first time home buyer and had a very positive experience working with Graeme Moss, he gave good advice and made the process very easy.