Now that the weather is getting cooler, it’s time to put away your summer gear and prepare for the winter season. The same can be said for your financial house especially if you are looking to purchase a home or refinance your existing home.

Do you carry a large monthly balance on your credit cards?

This kind of financial clutter – unsecured consumer debt — is quite costly and could prevent you from purchasing the home of your dreams or refinancing your existing home

Here are some ways you can clean up this kind of debt:

• Make a list of the interest you are being charged; loans, credit cards and/or other unsecured debts. Find out what you are paying in debt servicing costs. 
  
  
• Use low interest rates to your advantage: Give yourself a financial boost by rolling your other debt into your mortgage – new or existing – to reduce the number of payments you’re making each month, save on interest costs and improve your cash flow.
  
  
• Don’t think it can make much difference? For example, assume you have a $175,000 mortgage at 4.5%, high interest credit cards and other loans of $50,000, and a total monthly payment of $2,119. If you took that $225,000 and added on an $8,000 penalty (estimated) to refinance your mortgage, you could roll that $233,000 into a 3.5% mortgage that would reduce your overall monthly payment to $1,163. That’s a monthly savings of $956! Your monthly payment has been reduced, you’re saving on interest charges and your high interest credit card debts are gone! You now have real cash flow!

We can help you fix your financial house!

If you have equity in your home, you can refinance your debt or roll your debt into a new home purchase. We specialize in debt consolidation. Speak with one of our mortgage pros who can assess your situation and provide you with some fall financial cleaning options.

Here's some other strategies to use too. 

Your financial house will enjoy the cleanup!