Debt consolidation

There are many reasons why you may want to refinance your mortgage if you are living in Canada. You may be looking to lower your mortgage payment, adjust the length of your mortgage, switch from an ARM (Adjustable Rate Mortgage) to a fixed rate mortgage, or tap into your home’s equity. We can provide you with several competitive mortgage refinancing options and help you pick the best one for your needs.

What is a mortgage refinance?

Refinancing a mortgage simply means paying off an existing mortgage and replacing it with a new one. Homeowners choose this strategy for a range of reasons.

The most common benefits of mortgage refinancing:

  • You can lower your total monthly debt payments to improve cash flow or free up money for a rainy day savings fund
  • You can consolidate high-cost debt, such as credit cards, car loans or other personal loans
  • You are able to renovate your residence to make it more comfortable or to fix major problems
  • By setting up a home equity line of credit or “HELOC”, you can finance purchases of investments or properties, large-ticket items, or future retirement needs, at a very attractive rate
  • In the case of a separation or divorce, you can access funds to finance a spousal buyout

Benefit from Lower Loan Costs and Rates

If you are looking at refinancing your mortgage and want to find competitive refinance rates and lower costs over the loan term, you have come to the right place. We can introduce you to a number of refinancing offers across a huge lender base and increase your chances of finding a loan that delivers the kind of benefits you want. Talk to us if you want to refinance from your current ARM to another with better terms or decrease the term of your mortgage – we can suggest excellent refinance options.

Leverage Our Powerful Lender Network

How is Majestic Mortgage able to provide you with such an excellent range of mortgage refinancing and renewal solutions? We work with several financial institutions, including banks, mortgage lenders and private mortgage lenders and as the premier mortgage brokers in Canada, we can provide you easy access to lenders offering the best rates and terms in the market. Even if you have a poor credit score, you can qualify for a mortgage refinancing product at Majestic Mortgage.

Get Expert Assistance from Specialists

We help you every step of the way, and offer immediate response to any refinance-related query that you may have. Our mortgage refinancing experts can fill you in on what works best for your financial and mortgage situation, and suggest suitable refinancing solutions.

Credit Card Debt Consolidation

No matter how deep in Credit Card Debt you are – there is a way out.

For many, careful management and planning can eliminate their Credit Card Debt (see below) – for others, it may be necessary to consider a Consumer Proposal – or as an absolute last resort – Bankruptcy.

Credit Card Debt Consolidation Loans – are not always a good idea. You might be able to take out a loan against your home or other assets (or have a third party guarantee your loan) to pay off your Credit Card Debt – but there are consequences you should be aware of:

  • should your financial condition worsen, you will not be able to include your secured consolidation loan in a Consumer Proposal which may force you into Bankruptcy
  • after getting their first consolidation loan, many people fall back into Credit Card Debt – because they have not dealt with the real issue – spending beyond their means

Credit Card Debt – Pay-Down Plan

Step 1 – Stop Using Your Excess Credit Cards – Now!

This is the most important of all the steps. Put your credit cards away and start using budgeted cash instead.

Step 2 – Know the Facts

Write down exactly what you owe in Credit Card Debt – find out from your credit card companies what your current interest rates are, and what the minimum monthly payment is for each card.

While you are speaking with your credit card companies – check to see if they are willing to lower the interest rate they are currently charging you.

Step 3 – Plan Your Attack

  • Using our simple How To Budget guidelines – set up a budget that will work for you and identify how much you can pay towards your Credit Card Debt each month.
  • Sort your Credit Card Debt by card from highest to lowest interest rate. Where possible, move balances from higher percentage cards to lower percentage cards.
  • Plan to pay off your Credit Cards by applying all the money your budget allows to the card with the highest interest rate. When that card is paid off – then pay off the card with the next lowest rate and so on. It is very important that you continue to make the required minimum monthly payments on all your other outstanding cards throughout this pay-down plan.
  • Depending on your requirements – choose two credit cards to keep for future ‘emergency only’ use. Most people at this point decide to drop the high-interest department store cards and keep major bank cards.
  • Once you have paid off those credit cards that you do not plan on keeping – cancel them in writing.

Step 4 – Do It – Now!

Just Do It Now. No excuses. No putting off. The sooner you start – the sooner you will be debt free.

Step 5 – Keep Doing It!

Live within your budget – cut your expenses & stick with it! Discover how powerful you are by controlling your expenses and building for your future and peace of mind.

Once you have paid off your credit card debt and canceled those non-essential cards – check your Credit Rating and History to make sure it accurately reflects your improved credit situation.

Dealing With Credit Card Debt

If you are too far in Credit Card Debt to be able to manage your way out – speak with the Professionals at Majestic Mortgage to get a Free Initial Consultation – we can help you to explore your financial situation and available options in a positive and constructive environment.
Call 905-676-1000 or get started with our Quick Assessment Form to book your Free Consultation.

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Debt consolidation