If you are a homeowner you have likely survived the recent economic turmoil. The real estate market has been more stable than some other GTA real estate markets.In Toronto, the introduction of new Municipal taxes like the land transfer tax has had an impact on the value of some real estate. As a result of the crisis at GM, unemployment rates in Oshawa are amongst the highest in Canada which has also impacted their real estate market.Homeowners that are drowning in credit card debt turn to their homes to raise funds to consolidate; their equity has likely been preserved despite recent economic turmoil.If you are a homeowner who has credit card debt, refinancing your home to pay it off is a good solution.You have many different mortgage products to choose from that include home equity lines of credit, first and second mortgages.Choosing the right mortgage product to consolidate your credit card debt depends on your short and long term financial goals.You can use financial calculators and see what your payment would be based on different mortgage amortizations. Just because you refinance your mortgage, doesn’t mean that you negotiate a monthly payment based on a maximum amortization term.If you consolidated $20,000 of credit card debt into a second mortgage at 12.9%, amortized over 5 years your monthly payment would be about $400 per/mo. Because a second mortgage doesn’t interfere, or impact your first mortgage, once arranged, repayment is the same as a conventional consolidation loan.This is a prime example of why homeowners are turning to their homes to consolidate their debt. For more information about refinancing a home in Mississauga to consolidate credit card debt please visit http://www.gtamortgagematters.com.