July 12, 2022

Debt Consolidation & Your Credit Score

Woman explains financing options to a couple, whose backs face the camera

Taking on debt is something almost everybody needs to do in their life to pay for major expenses like university or vehicles. Of course, homes are almost always the most expensive things people buy.

With the average home price in Ontario now approaching $1 million, everyone needs to take out a years-long mortgage and incur debt. And with major grocery chains raising prices while making record profits, ordinary people need to be extra resourceful just to afford basic essentials.

Meanwhile, the job market faces uncertainty, inflation is rising, and interest rates are beginning to climb. Don’t feel bad or guilty for having debts, as if you’ve done something wrong! You shouldn’t feel overwhelmed or pressured either, no matter your current credit score.

You should feel relieved to know that homeowners always have ways to tap into the equity they’ve built and improve their long-term finances.

Debt Consolidation Loans

Coming up with the money every month to pay off a loan is the main challenge, but sometimes it isn’t easy to track the various payments required. Staying ahead of monthly payments is hard, and if you’re struggling, feel comforted to know you’re not the only one.

Burke Financial is a top-rated firm accredited by the Better Business Bureau that connects people with debt consolidation loans that make sense for them and their lifestyles. No two people have the exact same financial circumstances or life goals, and we’re dedicated to helping you find the right path forward.

One missed payment, and suddenly you face late fees, interest charges, and other harsh and needless penalties that begin to snowball quickly. Reorganizing and refinancing current high-interest debts to make them more manageable is what debt consolidation is all about.

If you have bad credit, maxed-out credit cards, or other issues that hamper your financial standing, our experienced brokers and deep networks can help put you on some firmer ground soon.

One Monthly Payment

Burke Financial helps make choosing the right debt consolidation loan easy by working closely with clients, so we understand your situation and can find the optimal path forward. You’ll save money each month and expend less stress, too, as our payment plans life not only more affordable but more straightforward.

The terms will be outlined in a manageable monthly payment schedule, so they’re fixed and consistent, making budgeting easier. Fluctuating bills will be a thing of the past, and you’ll know the precise date when you’ll be out of debt.

In addition to simplifying life, mortgage-based loan consolidation typically results in a lower interest rate. Don’t hesitate to speak to us about the benefits of debt consolidation loans and how Burke Financial can help you today.

Tap Into Your Equity

Homeowners put a lot of work into paying off their mortgages. It only makes sense that they should be able to leverage their hard-earned equity in times of financial stress.

Our experienced team members will outline all your credit options to find what works best. The difference between healthy and unhealthy debt is immense. We try to make every household debt-free by utilizing your healthy debt to its fullest in our objective, personalized financial services.

Home Equity Loans Versus Home Equity Lines of Credit

The two most common ways to access your home’s equity now are home equity loans and home equity lines of credit, commonly known as HELOCs.

Home equity loans let borrowers access a lump sum of money, whose rates are determined by the difference between their home’s current market value and how much remains on their mortgage. A HELOC is similar in that it also uses your home as collateral, except the borrower gets access to a line of credit and, therefore, only pays back interest on what they borrow when they borrow it.

There are no universal solutions. Which of these two options is more suitable depends on your unique circumstances. Contact Burke Financial today, and we’ll be happy to walk you through your options!

The Extra Mile

In a world of alternative digital currencies and tech companies trying to supplant banks, homeowners feel peace of mind and appreciation when dealing with experienced professionals who go the extra mile for them. Sometimes, old-fashioned service and help from real people can make a difference!

In the past, Burke Financial has dispatched an employee to pick up paperwork from a nearby client having trouble with their fax machine! If you need to learn how a certain process works, we’ll stay with you, even if it means spending hours on the phone. Connect with a company that will truly have your back, even exceeding your expectations.

Burke Financial delivers modern services to help you navigate today’s financial world, with a personal touch that harkens back to yesteryear. Our industry-leading turnaround time is something that keeps our clientele coming back.

FAQ

You are probably curious about what Burke Financial can do for you. Some of the most frequently asked questions involve who we work with, and good news — the answers are reassuring! We often work with people whose credit score is 650 or below because our vast lending network delivers approvals for complicated applications.

Man walks people through home financing

We also negotiate on behalf of people with little to no income and shop your application to multiple lenders, netting you the best rate and terms. We can also find a lender for people denied by the bank.

If this is you, you already know how debt impacts your credit report, and what you need now is a solution.

Burke Financial seeks to understand your goals and boost your financial health both for today and tomorrow. If you feel there’s nowhere else to turn for financial help, contact us at 1-877-709-0709 right away. We’ll work tirelessly for you.

Being saddled with too much debt can feel debilitating. You carry a great weight that feels like it’ll only get heavier. Homeowners have a crucial asset they can leverage, and people of all incomes and credit levels can get the professional help they need. Call us so that together, we can help get your finances back to a stable footing.

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