Refinance / Debt Consolidation

Make life Easier - Consolidate Your Debts

Many Jamaicans are taking advantage of refinancing some of the equity in their mortgage to reduce their credit card balances, student loans and other personal debt. Why pay high interest rates on your bank's credit card debt when you can add that debt to your mortgage and pay a much lower interest rate! One important part of a strategy is knowing "good debt" from "bad debt". Pay off your high interest debt at a lower rate with a longer repayment period A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way.

  1. Lower your monthly payments. You can wrap all your monthly debts into one lower rate, lower payment amount.
  2. If you need money for renovations of your home, medical bills, kids college or get higher education, Investment (stocks, mutual funds, RRSP etc.), funding a new business or buying a rental investment property, dream wedding, vacation etc.
  3. You can consolidate a first & second mortgage into one mortgage and have lower payments.
  4. You can refinance your existing mortgage for the purpose of reducing a mortgage rate.

Something else to keep in mind:

Your current lender can charge you a penalty for refinancing of your current mortgage; all depends on your mortgage terms. A basic rule of thumb, the pre-payment charge is based on three months interest or IRD (interest rate differential – it’s the difference between your existing mortgage rate for the balance of your term and the current rate you want to take out), whichever is greater.

If you'd like to have a conversation about refinancing your debt, give us a call today to review your options. It's time to beat the banks!

What's Next?

  • Call to review your mortgage strategy
  • Apply Online or Download a Fax Form
  • Review other mortgage services
*Subject to approved credit, income verification and meeting lending credit granting criterea. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.

Receive Updates on Presnic Latest News
Subscribe to our Newsletter Now.

Get in Touch

Presnic Financial

A7 Pawsey Place,
Kingston 5, Jamaica W.I.

T+1 876-630-1142

F+1 876-620-2658