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Gale Tracey AMP

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June 09...Chill out. Send your debt on a summer holiday.

Don’t you just love a Canadian summer? It might be short, but it’s just about perfect. We can all picture our perfect summer day. Perhaps it’s carefree time on the beach or in the hammock. A cold drink. Maybe a few friends over for a barbecue. This is the time of year to slow down and relax, except it’s difficult if you’re scrambling to pay down your credit cards or loans.

Many Canadian homeowners are certainly feeling the financial heat this summer. The problem with debt is that – over time, and especially in a bumpy economy – it can turn into a complicated juggling act. Maybe you’ve got a balance on a credit card or two. Then there’s that car loan, and possibly a line of credit you took out for some home improvements. It all adds up.

Well, here’s a cool idea. How about taking the heat off your finances this summer? Chill out: send your debt on a summer holiday. We can help you pack up your debt, reduce your payments, and save a bunch of interest. Sounds better already, doesn’t it?

It’s not that hard to send your debt on its own summer holiday.  This may be the perfect summer to roll all your debts into your mortgage – and take advantage of what is an excellent opportunity in the mortgage market right now:  excellent rates for qualified borrowers.

Using the equity you’ve already built up in your home, an experienced mortgage planner can help you to consolidate your non-mortgage debt – and roll it into a new or existing mortgage.  In almost every case, you’re better off holding your debt in a mortgage than in any other lending vehicle. Why? Because mortgage rates are still amongst the lowest in decades.

You might think this will extend your mortgage-paying years. But many homeowners are shocked to realize that they can actually pay their mortgage off sooner with this strategy. How? Because rolling your other debt into your mortgage can help you lower your monthly payments and save on interest: often thousands of dollars. And if you put all or some of that savings back into your mortgage, you can really power down your debt..

You might feel that you’re locked in to your existing mortgage – or you’re worried that the penalties will offset any savings. A mortgage planner can pencil it out for you – but in many cases, the savings far outweigh any penalties.

If you’d like to send your own debt on a summer holiday, then get in touch with an experienced independent planner right away. Canadians currently have a pretty amazing opportunity to pack up debt and drive down costs. There are great mortgage options and rates are excellent – and of course we don’t know how long it will last.  It’s a bit like a vacation special. If you’re carrying any debt beyond your mortgage, this could be the time to take advantage!

Lower monthly payments and thousands of dollars in savings; now that’s the way to take the heat off this summer! So chill out and send your debt on a summer holiday. Trust me, you’ll both come back refreshed.

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