FISCAL AGENTS: Financial Services Group


Open the QuickNav window
Home
Search
Site Map
Contact

The Knowledge Bank

The Money Centre

The Learning Centre

Financial Tools

The Money Management Newsletter
General Interest
GICs / Fixed Income
RIF Planning
RSP Planning
Savings
Managing Money
Choosing Fin.Services
Insurance Products
RESP Savings
Taxes / Estate Matters
Home Ownership
Companion Advisor
Product Reviews
E-Newsletter Archive
Front Page Archive
Subscription Services

Products and Services

About Us




Google

FiscalAgents.com
World Wide Web

Find out more
Click above to find out how Fiscal Agents can assist you with mortgage issues.
Now Quick-Nav enabled!
Use this link to connect you directly to additional useful information related to Mortgages.

Glossary of
Financial Terms
 

The Money Management Newsletter: Home Ownership
Using a mortgage to manage your debt and improve your credit

What if there were a magic card that you could carry with you, with the power to open doors you all over the world? A good credit rating is a little like that- a passport to financial opportunities. The other hand, a poor credit rating can be a terrible obstacle, and repairing your credit is often a slow and difficult process.

Perhaps you've maximized your credit cards - and maybe have a short-term loan or line of credit addition to your regular mortgage payments. Under these circumstances, the cost of servicing those debts is an obstacle to correcting the problem, and you may be now considered a ‘high risk' borrower, even if you are somehow managing to make your payments each month. Your overall payment history is satisfactory, but your debt load is heavy.

You may not have considered using a mortgage to refinance and manage your debts, but there are some significant advantages. As a homeowner, you can have access to a lower overall borrowing rate. A house is considered very reliable security, so mortgages often offer the best rates available. In addition, your credit history enjoys an almost immediate boost, as you begin to make your monthly payments. There are many innovative mortgage options available today, including a mortgage products that has been designed specifically as a credit repair tool - Call your lender or a mortgage broker to search out the best solution suited to your circumstances. Moreover, if the reason your credit is under pressure, use the event as a positive warning and review your financial arrangements and budgeting process.

For homeowners who are trying to distance themselves from there past credit problem You probably already know that it makes sense to consolidate your debt into one payment. You can generally enjoy substantial savings on interest charges; you have a more manageable monthly payment and better monthly cash flow. Consider how a new mortgage can help you manage your debts - so make it a goal this year to improve your credit rating.

* * *
Use this link to load a printer-friendly
version of this document.

Do you want to share this page with someone else?
Send this page to
Sending
Format
Text
HTML
Your email address

Have a question regarding this article? Use our feedback form to send us a note.
BACK

© , Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700

 





Fiscal Agents Home

Knowledge Bank Money Centre
Learning Centre Financial Tools
Newsletter Products & Services
About Us    

Legal | Site Map | Home | Search

Copyright © 1984 - Fiscal Agents Financial Services Group


Questions? Comments?
Use our Feedback page to contact us.

 
Home Ownership

Is a "zero" down payment mortgage right for you?

Getting a mortgage for self-employed / commission workers

I've applied for a mortgage, what's happening?

Moving Day - The very last box you should pack

As the weather warms up, will house hunting be your hot topic?

Have you ever thought about investing in a private mortgage?

Pay off your mortgage faster and save thousands of dollars

Over-Extending Yourself Financially: The quickest way to destroy the excitement of owning your own home

After months of house hunting, you've finally found the perfect home for you and your family. But, is it really the great investment it appears to be?

Buying a new home may be the biggest investment you make in your life

Home as an investment, Rent vs. Buy.

Understanding how Term and Amortization work can save you lots of money

Second mortgages - taking a second look

The Lawyer's role when closing