Consolidating debt with your mortgage web dating net
You would then have two mortgages: your first mortgage and a second mortgage which could be the debt consolidation home loan.If this is something you're interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you.The average five year mortgage rate over the past 60 years has been 8.95%.So if you are considering refinancing your home, make sure you can afford an "average" interest rate of 9% in the long term.These rates are a lot higher because these companies tend to lend money / cash to people in financial situations that involve more risk than banks usually want to take on.
It may allow you to keep a low interest rate, only have one mortgage payment and still give you funds to pay off other debts.
A "Home Equity Loan", "Home Equity Line","refinancing your mortgage / re-mortgage" and getting a "second mortgage" are all different names for the same thing and are sometimes used as a debt consolidation option.
These terms refer to the bank lending you money against the portion of your home that you own.
Ever since the early 1980's mortgage rates have been declining in Canada.
They peaked at over 20% at that time but are now typically offered in the 3% - 6% range.