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Mortgage News 2022

Credit Card Balance Transfers Can Save You A Ton of Money

3/4/2020

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If you have high credit card balances, you should probably take the opportunity to explore balance transfers. Usually, a balance transfer will allow you to take advantage of a low interest, introductory offer, if you move your current credit card balance over to another credit card holder. 

So, for example, if you're paying 23.999% interest on $10,000, you can move the entire balance over to another credit card holder for, let's say, 1.99%. Usually, introductory offers are for a limited time like nine months, for example, which means you need to make larger monthly payments within that time frame. But, because you will be paying significantly less interest, most of your payments will be going towards principal. 

Many lenders offer balance transfers, so if you don't have a lot of debt and just want to pay less interest, look into it! Here's a great offer from Bank of Montreal.


If, on the other hand, you find yourself struggling with copious amounts of credit card debt that you can't seem to shake, why not explore refinancing your mortgage? Refinancing is an excellent way to consolidate your debt to achieve one low and manageable monthly payment. You can also utilize prepayment privileges within your mortgage contract to increase your mortgage payments and pay significantly more principal in a shorter period of time. 

If you have questions about debt restructuring, feel free to contact me directly. I would be happy to help you sort through your finances to help achieve a really great solution. 


Sarah A. Colucci
Mortgage Agent Lic. M14000929 
Mortgage Edge, Broker. 10680 
Direct: (647) 773-4849
Email: sarah.colucci@coluccimortgage.com 
​

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
​
Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?