Improving cash flow by lowering overall monthly payment. If you own a house and have been on a couple of consecutive parental leaves because your have small children or have experienced unemployment for a short time, you may find yourself in more debt than you feel comfortable with. Now that you’re back to work, you’d like a better way to manage that debt instead of making high payments on credit cards or lines of credit.
The best way to get your cash flow back on track is to look at consolidating this debt into your mortgage and restructuring your mortgage to have your monthly payments come in line with your household income. Even if your current mortgage isn’t coming up for renewal, the small penalty you may have to pay with your existing lender will likely give you the breathing room you need to improve your cash flow.
Call me or email me if you have any questions! We love helping people with technically-supported honest mortgage advice!
© Sandra Lastovic is the Principal Broker with the Mortgage Centre in Guelph. With over 15 years’ experience and holds a M.Sc. from the University of Guelph. She was recently ranked at the top 75 agents in Canada by The Canadian Mortgage Professionals annual survey and 2017 Most Influential Women in the Mortgage Industry. She can be reached at 519-763-3900 x1001 or www.skipthebank.ca™