Vacation Financing

How to Finance Your Next Trip

Many Canadians use their credit cards to pay for that much deserved vacation or that costly over-seas flight to visit family. When credit card rates average around 18.5% the best way to pay for your vacation may not be your credit card. Do you know you can refinance your mortgage to pay for your next vacation?

Financing your mortgage to pay for your next vacation, when does it make sense?

Not everyone will want to use their mortgage to finance their next vacation or travel plans. It has to make sense first! Here are a few questions you must ask yourself:

• Is your current mortgage interest rate is at least 2 percent higher than today's going rate?
• Are you currently carrying a high interest debt load in excess of $5000?
• Is there less than a year left on your current mortgage term?
• Is there significant equity in your home?
• Are you responsible when it comes to money?

If you have can answer yes to at least two of the above questions, we can help. By converting you to a low interest mortgage rate and eliminating your high interest debts, the money you save can be enough to cover your vacation and save you thousands of dollars over the term of your mortgage.

When refinancing a mortgage, you can pay off your high interest credit card debts, car loans and mortgage loans by incorporating them all into one manageable payment. Many have chosen to add a few more dollars to cover the costs of renovations because it makes sense. If your home continues to grow in value which 90% of all real estate does, it may work out in your favour to add a vacation to your refinance. You will pay less interest and with the help of an Alberta Equity agent, you will still be in a good position to pay off that mortgage in a timely manner.

Ask one of our experienced agents about adding the cost of a vacation to your next refinance.

Alberta Equity has helped over 50,000 people find and qualify for the best mortgages in Canada for over ten years. We do all of the heavy lifting and ensure that you get the best mortgage rates and product features available. Apply online for a free, no obligation consultation.