Consolidating debt into mortgage scotiabank

Factor these extra expenses in the equation of whether a refinancing makes sense for you.

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A mortgage is a secured loan and if you can’t pay, the lender has the right to foreclose on your home.

Additional charges could dramatically reduce the monthly payment difference.2.

This example focuses only on monthly payment savings.

Apply for a balance transfer credit cards: Balance transfer cards give you breathing room of a year or more to pay off your card debt with no interest, Nitzsche says.

Note that many balance transfer cards charge balance transfer fees, and you must pay off your debt before the 0 percent interest period ends or you’ll be paying even higher interest on your credit card debt.

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