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.
- Your first step should involve finding out who is offering Toronto Christmas sales on mortgages.
- Once you make an application for a new mortgage, it usually takes 2-3 days to get approved if you provide complete information.
- 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.
- 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.
- 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?