Debt

Debt

Christmas can either be a wonderful time of the year or a stressful one for many Edmonton homeowners. Everything is always based on gift-giving rather than giving of your time, baking something or doing something for someone else. Well, this year Christmas has come early for a client of mine by giving them a FRESH start for 2020. These clients I helped purchase their first home almost 7 years ago and with a growing family and the increase in the cost of living, they found themselves carrying some extra debt. We sat down and I devised a plan to eliminate some debt and make a bit of a difference for them. I said if they could save $500.00 a month, they should be happy. Well they are ecstatic, and you will see why below:

Current debt situation and monthly obligation:

Mortgage payment of $2310 per month
24,000 Visa with a payment of $720.00 per month
Auto loan with a monthly payment of $472.00
13,000 Visa balance with a payment of $390.00 per month
1100 left owing on a vehicle with $401.00 per month payment
$8,000 Visa balance with a payment of $240.00 per month.

Total monthly debt obligation: $4533.00

What the monthly obligation looks like after we refinanced:

Mortgage payment of $1676.00
The auto loan remains with a payment of $472.00
9,000 remaining balance on credit card with monthly payment now $270.00

The total new monthly obligation is $2418.00

Saving them $2115.00 per month.

This makes raising an Edmonton family in today’s high cost of living a lot more bearable. They are not only ecstatic but have a fresh start to 2020.

Do you know someone who has maybe owned their current home for 7 or more years and carries some debt, let’s sit down and devise a plan to help make a fresh start for them?

Contact your Edmonton Mortgage Broker Eva Neufeld with Mortgage Tailors at (780) 244-0505 or by email at eva@mortgagetailors.com

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