Should I refinance my mortgage?

Should I refinance my mortgage?

The answer is “yes”.

WE should learn to make life easier by adding all the debts into one.

So if you have a mortgage and line of credit payments, car payments and credit card debts it would make sense to combine all into one. Canadians always complain we work a lot but in the end of the month, there are never enough funds to cover everything.

Some people often say that a car payment with zero percent doesn't make sense to add onto the mortgage. But I disagree. If a client is sick, they will have to make the mortgage payment and the car payment regardless. However, if they have one payment on the mortgage and things are financially tight, they can reduce the mortgage payments.

Remember, banks when they give you credit they know statistically the odds are against you. You could loose your job, get sick, go through a separation or loose your marbles and eventually will have several payments and it will be difficult to pay every off at once.

So my advice is to make things simple. Make one payment without the headaches.

Be an informed client.