Debt Consolidation

Ditch the high-interest debt, take control of your finances and finally get ahead again

Debt Consolidation

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Live financially free

High-interest debt such as credit cards and personal loans can be a headache to manage and a challenge to overcome. They are designed by the banks and credit card companies to keep you in debt longer. The interest payments can be difficult to pay every month, let alone the principal, especially if you have multiple payments to juggle.

If you have personal debt looming over your head every month the stress, anxiety and worry can be too much to bear. You may feel like you’re so far down the rabbit hole that you’ll never achieve the financial freedom that you desire. Luckily, there is a solution.

Why waste money paying the bank’s high-interest rates when you can add the debt to your mortgage at a much lower rate? If you own your home, tacking on high-interest debt to your mortgage principal can be a good way to shave down any outstanding balance while saving money and increasing cash-flow.

However, debt consolidation mortgages are not for everyone. A good Mortgage Broker will know the difference between “good debt” and “bad debt.” A well-planned mortgage can help you turn those bad debts into good debts, get them out of the way and help you achieve financial freedom sooner.

If you’re feeling held back by high-interest debt, want to take control of your finances and finally get ahead again, then let’s chat. We’ll help you decide if it’s a good option for you and develop a  strategy to beat the big banks for good!

Why choose Mortgage Consolidation?

Lower interest rates

If you have multiple loans, the interest adds up quickly. We’ll work with you to consolidate all your loans into one single payment with one lower interest rate, allowing you to become debt-free sooner.

Limit number of payments

When you have 10 or more debt payments every month, you may feel stressed and overwhelmed. Not only does multiple interest payments add up, but it prevents you from making payments towards the principal loan amount, forcing you into more debt.

Reduce stress

Stop trying to juggle multiple payments with different lenders. Instead, focus only on one single payment every month. With a more manageable and successful debt-repayment plan, you can breathe easy knowing that you’re consciously working towards achieving your financial goals.

Frequently asked questions

What is Debt Consolidation?
Debt consolidation is debt financing that combines two or more loans into one. A debt consolidation mortgage is a long term loan that gives you access to funds to pay off several debts at once. You’re left with one payment rather than several. It can be a great way to streamline your finances and combat high-interest debt for good.
Why consolidate debt into a mortgage?
Refinancing your existing mortgage into a consolidation loan combines your debts into one payment. If you have high interest loans and you’re only paying the interest rather than the principal this is a great solution to combat debt.

When you refinance, you can get up to a maximum of 80% of the appraised value of your home minus the remaining mortgage. This is equity that you can use towards debt consolidation for example.

Debt consolidation mortgages come with a structured payment plan and an assured pay-off date. Payment schedules vary depending on your agreement: weekly, biweekly, semi-monthly or monthly over a negotiated term. Refinancing fees may apply, such as appraisals, title search, title insurance and legal fees.
Will consolidating my debt improve my credit score?
Definitely. When you have multiple accounts and payments to manage, you are more likely to make a mistake and miss payments. Late or missed payments hurt your credit scores, so consolidating debt into one monthly payment will protect your credit for the future.

By refinancing and complying with the terms of the consolidation plan, your credit score will likely increase significantly within months.
Are there any fees I have to pay for this service?
Typically, the only out of pocket cost associated with this type of service is the appraisal fee, which we can usually avoid.

The appraisal free will cost between $300-500. We'll be seeking approval with an online valuation first at a lower cost. The online valuation is generally accepted; however, if not, a full appraisal is required. Some lenders will reimburse the cost, as well as cover legal fees.

Any other costs such as breakage fee or lawyer fee, if applicable, can come from the process of your refinance (not out of pocket).

How can you use a second mortgage?

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