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debtWhen you’re buying a home isn’t the only time that you should talk to your mortgage broker. Another reason to contact your mortgage broker is if you are struggling with debt but you are finally ready to take control of your life. The reason for this is that your mortgage broker can help you implement a very effective strategy to help you pay off your debt. And this strategy is called debt consolidation.

What is debt consolidation?

Simply put, debt consolidation is just when you take out a loan in order to pay off your other debts. Now you have one creditor to pay off instead of multiple creditors. Your debt is “consolidated”.

There are a few reasons for doing this. One reason is that it is simply easier and less stressful dealing with one monthly payment instead of trying to remember multiple different bills that you have to pay down each month. But perhaps the more important reason is that the idea behind a debt consolidation loan is to lower your overall interest rate. This helps you to pay down your principal faster – and that means getting out of debt faster!

How can your mortgage broker help you with debt consolidation?

Mortgage brokers have a number of tools at their disposal when it comes to debt consolidation. If you are a homeowner and have sufficient equity in your home, they might recommend a mortgage solution such as a mortgage refinance or a second mortgage.

These options are usually the most cost-effective, and since most lenders will allow you to borrow up to 80% of your home equity, the amount that you can borrow is usually fairly substantial.

But even if you don’t own a home – or if you don’t have enough equity in your home – your mortgage broker may still be able to help you with debt consolidation. Many brokers – AKAL Mortgages included – also offer unsecured loans that you can use to consolidate your debt. These options tend to come with higher interest rates than mortgage solutions, but they could still save you hundreds or even thousands of dollars compared to what you are paying on your current consumer debt.

Contact AKAL Mortgages today

Would you like to learn how AKAL Mortgages can help with your debt consolidation? If so, contact us today to speak with one of our brokers.

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  • Jas Bath

    The experience with AKAL Mortgages Inc. is great!!! I recently got approved for a business loan thought them and the agent that helped me with the process was outstanding. I am impressed with the convenience and very helpful service. I hear their agents on the radio all the time making consumer aware of the options available about mortgages and loans. And, they way they do, touch my heart. So honest and ethical.

  • Oli Rubion

    My wife and I visited AKAL mortgages Inc. due to their reputation in the market. We were attended in a timely fashion to discuss our mortgage and line of credit needs. We are so glad that we were provided with great options and solutions to choose from. We are very happy and satisfied from the services provided by AKAL mortgages Inc. We definitely recommend their services to our family and friends.

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