Have you considered this popular alternative?
Home Equity
The biggest debt you are going to deal with as a property owner is your mortgage. With the right approvals, you are able to borrow against the equity of your house with a home equity loan.
What is a Home Equity Loan?
This style of loan is somewhat different to a home equity line of credit (HELOC), which is a line of revolving credit with a flexible interest rate. A home equity loan is a one-time lump-sum loan. Lenders are normally worry-free when contributing to your existing low mortgage rate since they are protected by the fact that your loan is secured against your house.
A Tool for Debt Consolidation
The main benefit of a home equity loan is in its debt consolidation abilities.
How do I get a Home Equity Loan?
The best way of obtaining a home equity loan is through a Canadian mortgage rate professional.
Benefits of a Home Equity Loan
Money in your hands to settle outstanding high interest debts.
By paying off outstanding debts you are going to enhance your credit score.
The home equity loan may be spread over the lifespan of your best mortgage rate, typically as much as 25 years.
Tax deductions are readily available.
Downsides of Home Equity Loans
You will be jeopardizing your home if you do not have the means to pay the loan back.
Once you borrow against your house you lose equity or ownership in the home.
Speak to a mortgage broker today to find out if this financial product is the right choice for you.