Debt Consolidation
Combine high-interest debts into a single, more manageable mortgage payment and potentially reduce your overall interest costs.
If you are juggling credit cards, car loans, lines of credit, or other high-interest debts, consolidating them into your mortgage can simplify your finances and potentially save you thousands in interest. By rolling these debts into a lower-rate mortgage, you may reduce your monthly obligations significantly. I help Ontario homeowners evaluate whether debt consolidation through refinancing is the right strategy for their situation.
Who Is This For?
- Homeowners with significant credit card or consumer debt
- Those making multiple monthly debt payments at high interest rates
- Borrowers looking to simplify their finances into one payment
- Homeowners with sufficient home equity to cover their debts
Common Goals
- Reduce total monthly debt payments
- Lower the overall interest rate on outstanding debts
- Simplify finances with a single monthly payment
- Improve monthly cash flow
- Create a clear path to becoming debt-free
How It Works
We review your current debts, interest rates, and monthly payments to assess the potential savings.
I calculate whether refinancing to consolidate debt makes financial sense based on your home equity.
I shop lenders for the best consolidation refinance options and present the total cost comparison.
If it makes sense, we proceed with the refinance to pay off your high-interest debts at closing.
Important Considerations
- *Extending your amortization to consolidate debt may result in paying more interest over the life of the mortgage.
- *Prepayment penalties on your existing mortgage may apply.
- *Consolidation works best when paired with a plan to avoid accumulating new debt.
Debt consolidation through refinancing is subject to lender approval and property appraisal. O.A.C. This does not eliminate debt but restructures it. Total interest paid may be higher over a longer amortization period.
Ready to Get Started?
Free consultation, no credit check. I search 65+ lenders and 7,000+ solutions to find your best fit.
Subject to lender approval. O.A.C.
Typical Documents Needed
- Current mortgage statement
- List of all debts (balances, rates, minimum payments)
- Credit card and loan statements
- Proof of income
- Property tax bill
- Government-issued photo ID
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Advertising Disclosure: Michael Noble Green, Mortgage Agent Level 1 (Licence #M21002443) at 8Twelve Mortgage Corp. (Brokerage Licence #13390). All mortgage products and services are subject to lender approval. O.A.C. Rates and terms are subject to change without notice. This page is for informational purposes and does not constitute a commitment to lend.