Slide 3:
How To Tell What Your Overall (Average) Interest Rate Is (debt balance 1 x decimal value of interest rate)+(debt balance 2 x decimal value of interest rate)+…
debt balance 1 + debt balance 2 + debt balance 3 + …
An Example :
An Example Loan 1 balance: $10,000
Loan 1 interest: 10%
Loan 2 balance: $5,000
Loan 2 interest: 7%
Loan 3 balance: $7,500
Loan 3 interest: 6% ($10,000 x 0.10)+($5,000 x 0.07)+($7,500 x 0.06) = $1,000 + $350 + $450 = $1,800 = Average
($10,000 + $5,000 + $7,500) $10k + $5k + $7,500 $22,500 (0.08) 8%
Why Would You Consolidate? :
Why Would You Consolidate? Lower payments
Pay less interest
Pay loan off faster
One payment, rather than 2, 3 or 4
Why a mortgage – why not an unsecured loan? Answer: Mortgage money is usually cheaper!
Thank you! :
Thank you! Trevor Hickey, B.A.
Mortgage Associate
Concord Mortgage Group Ltd.
#107 - 1905 Centre Street NW
Calgary, Alberta
T2E 2S7
Bus: (403) 290-1990
Cell: (403) 860-8738
Fax: 1-888-587-1426
Email: trevor@concordmortgage.ca
Website: www.mortgagebrokercalgary.info