Posted: 19 Apr '17

How an Edmonton Mortgage Broker Can Help Consolidate Your Debt

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Using bad credit mortgage consolidation loans, you can get your finances under control, simplify your payments, and keep your assets. It is common for those that are struggling with debt to incur multiple loans or credit sources to try and stay afloat. These situations can lead to unpaid bills, looming collection companies, and mounting debt which may result in bankruptcy and foreclosure. If you are in a situation like this, consider using an Edmonton mortgage broker to combine and simplify your debt to make your finances affordable again.

What is Debt Consolidation?

Debt consolidation is the process of combining multiple sources of unsecured debt such as credit cards into one mortgage, using the equity in your house. This reduces the number of payments to one a month, can drastically decrease the monthly payment obligations and minimizes the interest that you pay on your debt.

Take Control of Your Debt

Typically, those that seek debt consolidation have multiple indebted accounts and need to find a way to take control of their repayment plan. As opposed to making multiple payments per month on unsecured high-interest loans, bad credit consolidation packages all the debts into one, low-interest mortgage loan. With your debt now in an easily manageable and affordable state, you can take the reins and control your finances again.

What Types of Debt Can I Consolidate?

One of the major debts that are taken care of in consolidation is credit card debt. Credit card debt is high-interest, reaching close to 20% per annum, and servicing this debt alone can put you in a financially precarious situation. Similarly, personal loans that can carry high-interest rates and very short payment terms. Both and other debts are eligible to be consolidated into a bad credit mortgage loan. By securing this debt to your mortgage, you can pay the debt off faster at a lower interest rate. You can also restructure your mortgage simultaneously to lengthen the term and relieve the immediate stress so you can get back on your feet.

Do I qualify for a bad credit mortgage loan?

Banks often have extremely strict criteria for debt consolidation which can make it very difficult for certain individuals to gain control when in situations of growing debt. This makes expert mortgage brokers crucial sources of help for debt-ridden individuals. Banks will typically require stable employment, a high credit score, and a clean payment history; these criteria ignore the symptoms of debt and are often impossible to meet by those in need of debt consolidation. Our Edmonton mortgage brokers are specialists in creating bad credit consolidation loans to accommodate each person’s unique situation. We will work with you to determine the best way for you to get rid of your debt while minimizing interest payments, stress, and let you your keep home and assets.

Come speak with our Edmonton mortgage brokers at Dominion Lending Centers today to find out how you can consolidate your bad credit into a mortgage loan and take control of your finances.

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