1. Improve personal monthly cash flow – The new mortgage should help you feel more in control of your spending. Consolidate multiple payments into one mortgage payment that is lower than the total of the payments in their current state.

2. Save you interest – Yes an alternative lender comes with a higher rate, but your broker should be able to explain why that is. By consolidating your high interest credit card debt and loans into a new mortgage with an alternative lender, you will still likely save a lot of interest.

3. Develop a recovery plan – You need an exit strategy so your mortgage will be back with an A-Lender as soon as possible. This means discussing credit recovery techniques such as getting secured credit cards and credit management.

We’re here at Dominion Lending Centres to help you put together a strategy!

Courtesy of Nathan Lawrence, AMP – DLC Lakehead Financial