Do you have a good paying job, but never seem to have much money left at the end of the month?  Many Canadians are carrying debt from several sources – credit cards, car loans, personal loans – and are paying much more in interest costs than they should be.  An option that many are now considering is to pay off higher interest debts with funds secured through a refinanced mortgage that has a lower interest rate. 

Debt restructuring can offer a simple way to better manage your borrowing costs.  Some who restructure opt for lower monthly payments which create a larger monthly cash flow.  Others who restructure opt to shorten the amortization of their mortgage.  Paying off your mortgage in a shorter amount of time can easily save you several thousand dollars.

Most importantly, a well thought-out debt restructuring plan can set you up for success, because at the end of the amortization period, your total debt is zero.  With revolving credit – such as credit cards – you may be paying a lot in interest without ever attacking the principal. 

An Invis Mortgage Consultant will take the time to review your financial needs and advise on how to use the equity in your home to reduce the interest paid on debt drastically.  You can borrow up to 80% of your home’s value with a conventional mortgage, or refinance up to 95% with an insured mortgage.  By restructuring your borrowings you gain more control over interest costs, leaving you with more money at the end of the month.   

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