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For some people, refinancing debt with a remortgage can be a wonderful strategy to lower monthly expenses to a more manageable level and assist you in making your debt more manageable.
We see a lot of examples where we have been able to save customers a tonne of money in interest or significantly lower their normal monthly expenses because loans secured against property through a mortgage are typically the cheapest method to borrow.
The first question is whether you can get mortgage when you have debt or not. Let’s find out the answer.
Can you get a mortgage with debt in Canada?
The entire amount of debt you have should not exceed 44 percent of your gross income. This includes all of your other loans in addition to the total monthly cost of your housing. The total debt service (TDS) ratio is another name for this proportion. Even if your TDS ratio is a little higher, you can still be eligible for a mortgage.
Can I get a mortgage to pay off debt?
Yes! you can get a mortgage with debt in Canada but it involves some conditions that nees to be fulfilled. If you have enough equity in your home and are eligible for a larger mortgage with either your current or a different lender, you can refinance to earn money to pay off debts.
Once we know that it is possible to get a mortgage when you have debt and also you can pay your loan with your mortgage, it is time to move to our main question of whether we can pay Fairstone and Easy Financial loan with mortgage.
Should I Get a Mortgage to Pay off Fairstone Or Easy Financial?
The short answer is yes, you can get mortgage to pay off Fairstone and Easy Financial loan. Both Fairstone and Easy Financial provide term loans that are not amortized for the most part. For instance, if you borrow 20k and you have to pay back it in 2 to 3 years. It is a high chance you will end up with very high monthly payments. Additionally, the rates will be 20 percent or more.
However, if you get second mortgage for one year term and with interest only, the rates can be around 8.99 percent. After one year, you can simply renew it and keep your payments low until you improve your credit score. With this, you can combine it with your first mortgage. With this, you pay your Fairstone and Easy Financial loan very easily.
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