Debt Consolidation Using Your Home Equity
If You Own a Home You Can Qualify!
Debt consolidation allows you to combine payments to several different lenders into a single monthly payment, usually at a much better interest rate than you'd pay for individual debts. First Foundation can help you out with debt consolidation, with offices right here in Edmonton. Provided you own your home, you may be able to simplify and reduce your monthly payments by using your mortgage to consolidate your debts, freeing up extra money each month that you can use towards whatever you'd like.
How Debt Consolidation Works
With an Edmonton debt consolidation loan through First Foundation, you can use your home's equity to pay off credit cards, car payments, personal lines of credit and other existing debts. Instead of paying each debt individually, often at high interest rates, your debts become consolidated into a single payment as part of your mortgage.
Your outstanding mortgage balance will go up with a debt consolidation loan, as will your monthly premiums, but because First Foundation
can negotiate a great mortgage rate for you, you can actually save hundreds or thousands of dollars each month, when compared to the interest you’d be paying on those individual debts. This is because, instead of paying off each debt separately, at whatever rate of interest has been set by the lender, you can borrow up to 80 percent of your home's equity to combine those debts together under your mortgage. Rather than struggling to meet the demands of several different lenders, you can clear out your credit card debts, car payments and other outstanding amounts, and just focus on paying off your mortgage.
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What Debt Consolidation Could Mean for You
First Foundation can help you to arrange for debt consolidation in Edmonton. If you're carrying a balance on credit cards with a high interest rate, you can use debt consolidation to borrow money against your home equity, and then use that money to pay off your credit cards. You'll absorb that outstanding balance into your mortgage, so your premiums will go up, but because First Foundation can get you a better interest rate
than a high-interest credit card, you'll actually be paying less each month.
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Edmonton debt consolidation can also help to protect your credit rating, since you'll be able to pay off your other debts sooner. If you're struggling to keep up with bills, this can mean avoiding a black mark on your record, since you'll no longer be in danger of missing or being late with those individual payments.
If you're interested in managing your debts with a debt consolidation loan in Edmonton, contact First Foundation to see how we can help.