While December can be a wonderful month filled with family and friends, it’s also busy and sometimes stressful. For many in Brampton and the GTA, it can be hard to get through December without some level of increased stress. If financial stress is something on your mind, then add something new to your holiday to-do list – a debt check up!
Why think about debt right before the New Year? It’s simply important to have a clear-headed appraisal of your financial situation, especially since it’s tempting to overspend. That’s why so many in Brampton and the GTA suffer from debt overload when their credit card bills arrive in January.
What is your situation? Are you carrying too much credit card or other high interest debt that is eating up too much cash flow? If so, consider having a conversation about restructuring your finances. You don’t have to wait until your January bills arrive, you can do a debt check now!
I have access to some great mortgage rates and options. I can set you up with a smart plan that gives you sensible payments, so you’ll have smooth sailing right into 2020.
Are you concerned that breaking your current mortgage could mean you have to pay a fee? I can do an assessment to determine if the savings that you’ll get each month will outweigh any penalties. Here is a recent client example:
Mary and Prem’s mortgage, car loan and credit cards totalled $325,000. Since they had enough equity in their home (minimum 20% required), I helped them roll that debt into a new $330,000 mortgage. Even though they paid a fee to break the existing mortgage, the payoff was worth it:
Current NEW
Today Monthly Payments* Monthly Payment*
Mortgage $275,000 $1,314 $1,577
Car loan $25,000 $495 $0
All credit cards $25,000 $655 $0
Total $2,464 $1,577
That’s $887 of extra cash flow each month! Prem and Mary are planning to put tax returns and bonuses against their mortgage so they can be out of debt early, with some real peace of mind about their financial situation.
In Brampton and the GTA, refinancing is not an available option for everyone, but I have access to other financing options that can help. If you can benefit from this kind of financial breathing room, get in touch today. I am here to help you at anytime. My goal is to give everyone in Brampton and the GTA the great gift of financial comfort and joy!
*3.09% current and new mortgage, 25 year am. Credit cards 19.5% and car loan 7%, both at 5 year am. OAC. Subject to change. For illustration purposes only.
