Combining Mortgages

Where the combined mortgages result in one "high ratio" mortgage:

If neither (or none) of the mortgages you're combining was ever insured, but combining them results in a high-ratio situation, you'll be required to pay an insurance premium. You need to look closely at the total savings the combination will give you, in order to determine whether this is worthwhile financially.

Where the combined mortgages result in a new "conventional" mortgage:

High ratio insurance is not required. As long as you qualify with your income and credit standing, an Invis Mortgage Consultant will help you achieve this quickly and conveniently.

In both cases there is one critical consideration which causes the failure of many such finances. The new mortgage often requires a fraction of the cash flow previously needed to service the now consolidated debt. Many who go through this process not only absorb the cash flow savings into an improved lifestyle — they either re-incur debt that they paid out, or incur debt for which they now qualify — or both. It is important to approach such a consolidation/re-combination of obligations with the clear and focused goal of applying all savings toward paying down the mortgage. Otherwise, the new mortgage will be a burden, rather than a solution. For more information contact Invis today at invis@invis.ca or call toll free 1-866-84-Invis.