Don't let the stress of your debts distract you from living your best life.

We all know that overwhelming feeling when the debts have piled up and there doesn’t seem like there is an end or escape. The anxiety cripples you in the middle of the night and demands your attention in your waking hours. It takes over your every thought and elevates your heart rate. It slowly takes over your life and your relationships, distracting you from what’s really important. 

You’re not alone.

The annual BDO Affordability Index finds that over half of Canadians are living paycheque to paycheque and carry the burden of credit card debt. In addition, a quarter of Canadians, or 27 per cent, don’t have enough to meet their needs, while less than half, or 42 per cent, don’t have enough to meet their wants.

The good news: it doesn’t have to be this way…

By accessing the equity in your home, My Better Mortgage can show you how to lower your debt payment obligations, free up that much needed cash flow, and restructure your finances so that your ‘needs’ are met and your ‘wants’ can be attained. Let’s take a look at an example:

Matthew and Emily currently own a home with a value of $665,000. They financed one vehicle, with a payment of $308 per month. They had a total credit card debt load of $55,119, which carried a monthly payment of $1,623.57. Their mortgage balance was $469,938 with a monthly payment of $2756.00. Each month they had a total debt payment obligation of $4,379.57.

By adding this debt onto their mortgage, the mortgage increased to $529,371 and now has a monthly payment of $2,140.15 (same amortization: 30 years). By restructuring their debts Matthew and Emily saw a total monthly cash savings of $2,239.42 per month.

If this savings were split three ways (1/3 to savings, 1/3 added back to the mortgage, 1/3 to enjoy life) a significant savings is seen. By adding back a mere third of the savings to their mortgage Matthew and Emily are able to save a total of $59,520.16 in interest charges… and the best part is they will be mortgage free 8 years and 2 months earlier!

By refinancing not only are Matthew and Emily going to be mortgage free sooner, but they’ve also created a positive cash flow to budget from. Their goal now is to stay on budget. 

Mortgage refinancing has two major benefits.

The most popular reason for refinancing is to lower your monthly financial payment obligations. In 2019, clients of My Better Mortgage saw an average savings of $1537.84 per month when consolidating their debts and mortgage. That’s a total of $92,270.40 over the course of a 5 year term.

The second benefit is to get your home’s equity working towards your future. With a My Better Mortgage agent on your side, the future possibilities are endless!

Our help doesn't end there...

Although it means borrowing money against your home, refinancing is a great way to alleviate the pressure of monthly consumer bills, free up cash, and start fresh. But don’t stop there… once your refinance is complete you need a plan. You need to ensure that you’re using your excess cash in a positive manner.

At My Better Mortgage we want to ensure that every client is armed with the knowledge to stay on track with their finances. What we’ve found is that most clients don’t know what reports to their bureau or how that information affects them. For this reason we have created a custom ‘reporting letter’ that each client receives after the closing of their transaction. This letter details a plan that keeps you on track financially, and using your credit so that your score is optimized with Equifax. This ensures that clients will receive the best possible mortgage rates in the future, which will enable them to continue to live a better life!

At My Better Mortgage we want to help you make life choices that will enable you  the flexibility you need to be able to pursue happiness, whatever that means for you. 

Contact Us Today To Discover Your Options!

Give us a call, or fill out the form, and we’ll get back to you within 1 business day to set up an appointment at your convenience.

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