Consolidating debt with your mortgage

Sometimes if you have bad credit, it might be difficult to get a debt consolidation loan, so using home equity could be another possibility.

Check with a Credit Counsellor to make sure that you choose the right option.

Re-mortgaging may also be an option that your lender can explain to you.

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.

The next best thing to getting rid of loan and debt, is loan consolidation.

This will allow you to combine them at the bank's best interest rate when they need to be renewed.

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.

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.

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