Christmas is right around the corner and there is so much
to do. It seems that every Christmas season our schedules are filled with work holiday
parties, family get-togethers and let’s not forget Christmas shopping. The last
thing on most people’s minds are bills, that is unless you are one of the many
Greater Toronto Area (GTA) families carrying a large debt load coming into the
holiday season.
Many families are still recovering from debt that they
incurred during and after the recent recession. Yes, it was three years ago but
to most it feels like yesterday, especially when reviewing monthly credit card
statements.
When times get tough it is easy to turn to credit cards
to make ends meet and three Christmas’s post-recession, the average debt load
of a GTA family sits at $40,000, which is a staggering number. To save money we
might find savings by pursuing Christmas sales. Christmas sales are not only found
at the mall. There are Toronto Christmas mortgage sales on mortgages all around
us.
You may be thinking, Christmas mortgage sales? I have no
time to think about my mortgage right now! Now is a better time than ever to
take a good hard look at your mortgage and here’s why. Interest rates are still
at historic lows and are much lower than the interest you are paying on your
credit card debt. You can consolidate debt and start 2012 debt free.
Just like your local Toronto shopping centre may be promoting
their latest deal, many Mortgage Brokers in the GTA are holding fantastic
Toronto Christmas sales on mortgages, helping families in the GTA to
consolidate their debt. The average time it takes to refinance a mortgage in
the GTA is 2-3 weeks, so there is more than enough time to get your finances
straight before the holiday rush.
If you want to refinance your mortgage to consolidate
your debt by obtaining a new first mortgage, a second mortgage or a home equity
line of credit, it is a simpler process than you may think, that is if you have
a good Mortgage Broker.
1.
Your first step should involve finding out who
is offering Toronto Christmas sales on mortgages.
2.
Once you make an application for a new mortgage,
it usually takes 2-3 days to get approved if you provide complete information.
3.
If you obtain a CMHC insured mortgage, you will
not need to have your home appraised. If you are obtaining a mortgage that is
not CMHC insured and need an appraisal, this is not a big deal. An appraisal
can usually be completed in 3-4 days (depending on your schedule) and simply
involves an Appraiser making a brief visit out to your home.
4.
Next you will visit your Mortgage Broker to sign
your new mortgage documents and the documents will be sent back to the mortgage
lender who was offering the Toronto Christmas sale on mortgages.
5.
Finally, you will have to attend one final
appointment to sign off on the final mortgage documents and presto, you will
receive your money.
You can use that much needed cash to pay off your credit
card and other debt and the best part is you will sail through December bill
free. When January comes, you will not have to face the landslide of credit
card bills you likely have in past years. Because you have made the wise choice
to consolidate debt before the New Year, you will start January paying less
interest and a single low monthly payment. Doesn’t this idea just make you want
to sing Jingle Bells?
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