Current Rates
Todays Prime:6.70  
TermBroker Bank
6 Month: 5.80 7.25
1 Year: 6.05 7.09
2 Year: 5.74 6.59
3 Year: 4.84 6.44
4 Year: 5.24 6.34
5 Year: 4.34 6.34
6 Year: N/A N/A
7 Year: 6.29 7.00
10 Year: 6.58 7.49
No Down: N/A N/A
Variable 1: 5.80 N/A
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Updated: May 01, 2023

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Debt Consolidation

Home Equity is the difference between the value of your home and the amount of mortgage or home loan you have owing. If you have 20% or more of the value of your home in home equity, you may want to take advantage of the low mortgage interest rates, to get a debt consolidation mortgage and consolidate all your credit card debt into your mortgage.

You would have only 1 easy payment per month which should be less than your existing mortgage payment combined with all your credit card payments. Debt consolidation provides relief on the monthly payments while giving you piece of mind that you have a low interest rate.

An average credit card charges approximately 18% interest. Lets assume that your mortgage interest rate is 3.5%. You would actually be saving 14.5% interest on that outstanding balance.

If you are concerned that your mortgage would increase, you could always take the extra money you normally pay on bills every month and increase your payments on your mortgage by using your prepayment privileges. That way you would be paying the same amount per month except more of your money would be going towards reducing the debt and not towards the interest.

The interest on a credit card is charged monthly where most mortgages charge interest semi annually not in advance.

Call a Mortgage Broker at Western Canada Mortgage today and ask if this mortgage is right for you.

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