Debt Consolidation Mortgages in the GTA
Consolidating debt through your mortgage rolls high-interest debts into one payment at a lower rate. It simplifies your month and can help you pay the debt down faster.
Why consider consolidating through your mortgage
Mortgage rates are generally lower than credit card and unsecured loan rates, so one payment can simplify your budget. The debt then sits against your home, so it's worth looking at the full picture first.
What I look at
- Which debts you carry and their current interest rates
- How much equity is available in your home
- Whether to do it at renewal or by refinancing mid-term
- How the new payment fits your monthly budget
How it works
- Start with your goalWe talk about what you want your finances to look like, then go over your balances, rates and payments.
- Compare the optionsI compare consolidation structures and lenders.
- Close and pay outThe lender pays off your debts as part of the new mortgage.
I want you to know what I know, so we make an informed decision together. My aim is a relationship that lasts longer than your mortgage.
Download
Debt Consolidation Document Checklist
A one-page list of the documents to gather when consolidating debt.
Common questions
Can I consolidate credit cards into my mortgage?
Often yes, if you have enough equity and qualify. I'll review your options.
Is it better to consolidate at renewal?
It can be, since it may avoid a prepayment penalty. I'll check your term.