[Refinancing] Videos
When should you refinance your home.
If you have higher interest mortgage rates.
You want to consolidate your liabilities into one easy mortgage payment.
To purchase your next property using equity release from current property and buying new real estate.
Unsure how to refinance your mortgage?
Call Laura Moya #localmortgagebroker to give guidance and support through this process.
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Debt Consolidation and Refinancing · Robert James Miller
Escape Debt (Positive Affirmations)
? Dustin Hartmann
Released on: 2023-07-12
Auto-generated by YouTube.
??? A tutorial on the differences between debt consolidation vs credit card refinancing.
Table of Contents:
0:00 Overview and Introduction
0:19 What is credit card debt consolidation?
3:45 What is credit card refinancing?
7:14 When to consolidate and when to refinance?
8:40 How to research credit cards for balance transfer (credit card refi)
10:05 Secured vs Unsecured Credit Cards
How a cash out for debt consolidation works.
Many people can yield substantial savings when they look at refinancing to pay off debt.
http://real-101.com Watch more episodes
http://www.TraceyBrock.ca Mortgage Broker
In this episode of our mortgage financing series, we look at a refinancing to pay off debt review.
It is extremely easy to amass considerable consumer debt and before too long we need to question the decision to look at refinancing in order to pay off debt.
Technically it has more to do with reducing the interest payments you are making and turning the high interest consumer debt in to a lower interest refinancing product with your mortgage.
This refinancing to pay off debt review makes sense on multiple levels. Firstly, our tendency with consumer debt is to make minimum payments only which leads to a situation where we are constantly burdened by high interest rates and debt.
Without a correction, the situation can compound to the point where we may consider a bankruptcy which can be avoided if we consider refinancing to pay of debt.
We hope you enjoy our mortgage financing series and encourage you to watch the refinancing to pay off debt review video to the end.
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https://youtu.be/IgtcGJ2iLw0,
For more information on mortgage financing or if you need a mortgage broker, contact Tracey Brock.
Visit: http://www.TraceyBrock.ca
Direct: 416.788.6207
Mortgage Broker M09001257
Mortgage Financing Series | Refinancing To Pay Off Debt Review
What is debt consolidation? Basically, it involves rolling all your current loans into a single loan. Instead of having to pay multiple institutions multiple monthly repayments, you can instead just pay a single monthly repayment to a single company. “Why would you do that?”, one might ask. Well of course, there are some benefits, and there are some risks.
Let’s start with the benefits.
1. Less paperwork. Obviously, dealing with a single lender is a lot easier than having to deal with multiple.
2. Easier to budget. If you only have to budget for a single repayment during the month, then this makes things a lot easier. Juggling multiple repayments due at different times of the month can be very confusing.
3. Save on fees. If you’re only going through a single lender, this will probably mean that you will end up paying less in fees and charges overall.
4. Cash savings. Ultimately, the main reason you would want to consolidate your debt is to save money. By choosing a loan with a lower overall interest rate compared to your current loans, you’ll end up paying less per month and less in the long run.
But beware, there are some risks as well.
1. Longer loan term. Although the new loan may have an attractive interest rate with lower monthly repayments, a loan with a very long term will cost a lot more than you think. You’ll end up paying more in interest and fees over the long term.
2. Get deeper into debt. Debt consolidation may allow you to borrow more money. For example, if you transfer your current credit card debt onto your mortgage, you might be tempted to continue using your credit card and get yourself further into debt. This would defeat the purpose of consolidation.
3. Lose your home. By transferring unsecured debt (such as the debt on your credit card) into a secured debt (for example, using your home as security), if you’re unable to make repayments in the future, you might end up losing your home.
4. Equity stripping. Some dodgy lenders might convince customers who are desperate to save their home to sign up to a dodgy loan agreement. These usually have high fees which are paid out of the equity of your home. For example, before refinancing, one couple may have owned 16.2% of the equity in their home. After refinancing, they only owned 11.9%. That’s a loss of 26.5%.
And here’s the take-home message for today.
1. Make sure to read the fine print. Don’t let brokers convince you not to read the paperwork.
2. Understand all the fees and charges before you sign up.
3. Never sign a blank document.
4. Don’t believe unrealistic promises. Brokers who claim that they can get you of debt are con men. If they claim they can help you no matter how desperate your financial situation, then they are probably trying to swindle you.
But my number one recommendation would be:
5. Don’t get into too much debt. Too much debt will cripple you, so the best thing to do is to live within your means and stop trying to keep up with the Joneses.
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A one minute video through which debt (loan) consolidation, refinancing and restructuring are defined, explained and compared.
A lot of people think debt consolidation is the same thing as debt refinancing. Or that debt restructuring and debt refinancing are synonyms.
That’s definitely not the case.
Loan consolidation, refinancing and restructuring sometimes have things in common but make no mistake, we’re talking about completely different terms.
Today, I did my best to put debt consolidation, debt refinancing as well as debt restructuring under the microscope.
Please like, comment and subscribe if you’ve enjoyed this video.
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I spoke to Daniel who specialises in helping his clients to refinance their home loans. What are the main reasons people consider when refinancing to cash out the equity? The most common cause —
DEBT CONSOLIDATION… instead of paying 18% for credit cards and many other debts, the home loan offer the lowest interest rate of all! You can lower your commitment while enjoying lower interest rate.
Learn an amazing, unusual alternative to the conventional debt-elimination options. FORGET…Debt Consolidation Loans, Re-Financing, Scrimping, Saving and Budgeting, Cutting Up Your Credit Cards and Bankruptcy.
Imagine…
Having hundreds of people sending you all the money you need to pay off ALL your debts – including your mortgage.Having them continue to send you money AFTER your debts are all paid.The money you receive is NOT a loan. Once it’s in your bank account, it’s yours to keep and spend any way you like.Being able to pay off your ENTIRE DEBT – with one single check.Having so much money accumulating in your bank account that you would never need to take on debt ever again. You could live DEBT-FREE for the rest of your life.Never needing a credit card again. All you’ll ever need is a debit card because you’ll be able to pay cash for EVERYTHING – including cars and homes – for the rest of your life.In the process of paying off your debts with this method, you automatically became wealthy.After all your debts are paid off, you continue to have an income equal to your entire debt coming in every year or every month.
This solution exists because of one of the largest, most respected and recognized companies in the world.
There’s a high probability you already do business with this company. Most people just never knew they offered a feature that could help them pay off all their debts. The goal of this book is to change that.
As Sullivan sees it, here are the problems with the current “get-out-of-debt” options:
Debt Consolidation Loans – More debt just paid out over a longer period, giving you relief with smaller payments, but years more of them.Re-Financing – Not a good idea to add new debt to old debt or extend existing debt.Scrimping, Saving and Budgeting – No Fun! And an excruciatingly slow process.Bankruptcy – Can have devastating, lingering effects.Cutting Up Your Credit Cards – Might not be a bad idea for you at this point, but you don’t have to.
Within this book, Sullivan also includes another of his bestselling books for FREE!
It’s that book that inspired this book, and holds the key to the method that makes this debt-elimination plan “The Ultimate Get Out of Debt Plan.”
Sullivan challenges you to find ANY other method that comes even remotely close to his “Get Out of Debt Plan’.
It’s all revealed in this book.
Can you really afford NOT to get this book TODAY?
Related Topics: Credit Ratings & Repair, Personal Finance, Budgeting & Money Management, Debt, How to Get Out of Debt, Debt Consolidation, Credit Card Debt, Debt Consolidation Loans, Bankruptcy
