You want to keep your home, but with rates on the move, and your personal debt getting out of control it will only get harder from here on.

Debt consolidation or debt refinance may be an option. What this does is that a lender will refinance all your debts with whomever the credit provider is, and will refinance these into your mortgage. What’s the benefit? A couple outcomes –

1- single repayment,

2- you have the chance to reduce your monthly repayments - which means more cash in your pocket!!!

This is not always going to be as easy as walking into your existing mortgage lender and asking for a consolidation. I’m sure they will be willing to help however they will have various rules & limitations which may not fit all your needs or goals. There are lot of funders out there all with different rules to play by. The value of your security or house may well be a factor along with your income type and level.  The reason you are in a particular situation may well determine which lender will provide a better option. It may be of assistance in engaging a finance broker to work through the best options for you. This is especially the case if you have been having trouble keeping up with it all and have late payments.

In a lot of cases the refinance and consolidation of all your liabilities like outstanding rates, tax debt, store cards and alike may not be able to be renegotiated in total & therefore other strategies may need to be considered in conjunction with the refinance.

All these approaches should only be considered for an intermediate period. It may take 12-24 months to re-engineer your financial position for the future at which time a new set of strategy’s are determined and adopted to meet your next series of financial goals.

So if you think you can survive better with getting your repayments down before rates continue to go up, give Finance Know How a call or email, or better yet you can talk to Howard online!