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My Mortgage Blog

Everyone's financial situation is unique & different but just one of the ways a refinance can make sense is to consolidate some debt. Today I'm going to show you how this client used some equity in his home to consolidate some of his debts, and ultimately save himself over $60,000 in the next 5 years!

When I met with "Client X" he had the following Monthly Payments:

Mortgage: $1,804 (15 Years Left, 260k Owed)

Vehicle: $ 593 ( 5 Years Left, 30k Owed)

Line Of Credit: $700 ($19,053 Owed)

This created a hefty total monthly payment of $3,097.

We took the equity in his house & refinanced his mortgage to $310,000 but kept the amortization at 15 years so he would have it payed off in the same amount of time. With that $50,000 in equity we pulled out of his house he was able to pay off his Vehicle loan and his line of credit. Client X's monthly mortgage payment is slightly higher now at $2,072 but he has no vehicle payment, no line of credit and is saving OVER $1000 a month! Thats over $12,000 this upcoming year alone and for his 5 year mortgage term over $60,000 in savings!

The more you know...

Always: 100% Confidential, Un-biased & Free Mortgage Advice.

Braeden@TMGregina.com | www.bmoskowy.ca | 306.527.1479