Tired of juggling your debt and trying to manage your finances so that you can make it to the end of the month? Would managing your finances be easier if you only had one monthly loan payment that was affordable? If you answered yes, then why not consider a debt consolidation loan from SaskEquity Mortgages?

Our professional and friendly mortgage brokers can help put you back in control of your high-interest loans and credit card balances. Most of us live with debt, but knowing how to effectively manage it is the key. SaskEquity offers a full line of debt consolidation services through mortgage refinancing, and with mortgage finance rates at an all-time low, we can help save you money! So, why not let us show you the benefits of refinancing today?

Debt Consolidation Loans

If you qualify for a SaskEquity debt consolidation loan, your savings could look like this:

The above example shows how much money can be saved every month by refinancing your mortgage and consolidating your debt. By using SaskEquity’s services, you will not only pay off your debt, but you will get a better mortgage rate and even lower your monthly payments.

A common misconception with debt consolidation and mortgage refinancing is that homeowners are required to take out a second mortgage. This may have been true in the past, but a second mortgage is no longer required to refinance your mortgage.

When applying for a mortgage of any type, it is important to have your finances in line. That also means having your debt limited to manageable levels if you even have to carry debt at all. Debt consolidation can prove to be effective when it comes to streamlining and eliminating debt.

Here are some of the biggest benefits when it comes to debt consolidation loans. Keep in mind that no two financial situations are the same, so your current circumstances may not necessarily apply. If you are in doubt, speak to one of our team members today.

Streamlining Finances

When you are in a lot of debt, it can feel like bills are coming from literally every direction. Moreover, it can increase the number of payments, the amount of interest, and just lead to sheer confusion when trying to pay things off.

By taking a debt consolidation loan, you can combine your outstanding debts into a single loan. That means fewer interest rates and payments that you have to contend with. It also reduces the risk of late payments as you have just one payment to make instead of several.

If you are working to achieve a debt-free life, debt consolidation loans give you a better idea of when your balance will be paid off. It is about simplicity and convenience.

Improves Your Credit

There are two ways in which a debt consolidation loan can improve your credit. The first was mentioned above. When you have a late payment on a bill, it can show up on your credit report as a negative mark. More than a few can seriously drag down your score overall.

The second way in which it can help better your score is by bringing down your credit utilization rate. The standard is about 30% of your available credit. By consolidating your debt into one loan, you can work to pay down your outstanding balances and lower your credit usage.

The great thing is that as you work to become debt-free, you can actually improve your credit score. Having a higher credit score and lower debt total can do wonders when it comes to things like landing a mortgage.

Potentially Lower Interest

There are interest rates that come with any loan, make no mistake. But even one single high-interest loan can wind up being substantially cheaper than several loans or lines of credit. When you add up the interest paid on all of your outstanding accounts, the total that you pay may be shocking.

By consolidating into a single loan, you are also consolidating into a single interest rate. That can be potentially lower than any of the interest rates on your individual debts. All of that means huge savings over time, allowing you to pay your debts off quicker and easier.

Potentially Quicker Payoff

Speaking of quicker and easier, let’s talk about paying down those debts. That is the goal, after all. We want to get those debts to a point where they are completely manageable or gone entirely. The problem is that we have so many debts open at a given time that it feels like chipping away at a concrete wall with a spoon.

By combining your debts into a single, solitary loan, you can potentially expedite your payoff. By paying off your debts earlier, you can not only help your credit score and bring down your debt but save thousands on interest rates along the way.

Lower Monthly Payments

Another thing to consider when you consolidate debt is that your monthly payments are likely to be lesser. That is because your payments are spread out over a new term. That term may be longer than the previous one, but it can be advantageous to your monthly budget.

Just keep in mind that, depending on the interest rate, you may find yourself paying more over the life of the loan than you would by paying it off on your own terms.

SaskEquity Can Help with Debt Consolidation

Our mortgage brokers at SaskEquity are more than happy to answer all of your questions concerning debt consolidation and refinancing, so give us a call or fill out our convenient online form and we will get you one step closer to living without those looming debts.

To take advantage of today’s low mortgage finance rates and SaskEquity’s debt consolidation services, you must be a homeowner and have at least 10% equity in your home. Debt consolidation loans are not for everyone, so it is important to determine if you qualify for this type of loan.

Our trained staff at SaskEquity will help you calculate your total monthly debt (including all loans, credit lines, credit cards, and your existing mortgage) and divide it by your gross monthly income. Having a clear picture of your financial situation will enable us to find the right refinancing option for you.