Main Street Mortgages
Are you struggling with outstanding debts? Consolidating your debts into a low-interest mortgage could save you thousands of dollars in interest and help you become debt-free sooner. Here’s an example of how much you could save through consolidation:
| Current | Debt | Interest | Payment | Interest Paid | Amortization |
|---|---|---|---|---|---|
| Mortgage | $322,420 | 4.2% | $1,731.13 | $196,919.97 | 25 yrs |
| Auto Loan | $16,732 | 8.9% | $346.52 | $4,059.04 | 5 yrs |
| Credit Card 1 | $8,297 | 19.1% | $133.23 | $31,671.35 | 25 yrs |
| Credit Card 2 | $12,451 | 6.8% | $86.42 | $13,478.68 | 25 yrs |
| Total | $359,900 | $2,297.30 | $246,129.04 |
With consolidation the new mortgage will be $359,900 at an interest of 3.29% and payments of $2,297.30 (comparable). The interest it will gain will be $109,952, which is a savings of $136,177.04! Plus the new amortization is 17 years and 1 month meaning they will be debt-free nearly 8 years sooner.
To get a no-obligation debt consolidation analysis, simply request one from us. If you don’t have enough equity in your home to consolidate your debts, we can still help. But be careful, as there are credit counselling agencies that benefit from serving lenders’ interests rather than yours. At Main Street Mortgages, we work with licensed debt consolidation experts who will represent your best interests. They will answer questions like:
Mortgage Alliance – Main Street Mortgages is an Independently Owned and Operated Franchise of The Mortgage Alliance Network operating under Ontario license number 12914. Administrator license number 13319
