Consolidation Mortgages

Reduce financial stress by consolidating your debts.

Get your finances under control

Are your credit card and loan debts overwhelming you? Do you feel like there’s no way out of a downward spiral?

 

It’s very easy to lose control of your finances and feel like your drowning. But you don’t need to worry. We’re here to give you all the support you need to get you back on track and in control of your finances.

 

A consolidation mortgage could be just what you need.

Consolidation Mortgages Guide / FAQ:

  • What are the benefits of consolidating?

    We’ll take all of your existing debts and turn multiple payments into a single simple payment. This will also mean paying less interest, so you could be far better off in the long run. Your cash flow will be greatly improved, giving you the chance to build up some savings for the future. This will mean that you won’t need to take on further credit if you need to make emergency repairs to your house or car, for instance.

  • Would I need to consider an unsecured mortgage?

    A bank’s consolidation loan would be an unsecured option. The problem here is that their rates are far higher than a mortgage, and their amortization lengths lower. Because of the high rates, these consolidation loans often give you little or no relief to cashflow problems.


    Our refinancing options allow you to consolidate all of your debts with a mortgage that ensures a lower monthly payment, greatly improving your cash flow situation.

  • Once I’ve consolidated, can I cancel my credits cards?

    No. It’s important to maintain your credit cards and carry on using them to raise your credit rating in the future.

  • Will my credit rating be improved by consolidating?

    Definitely, when the balance on the credit facilities you hold is greater than 50%, it will harm your credit rating and the closer to 100% utilization you reach, the greater the negative effect. By consolidating, and regularly paying off your credit facilities completely, your rating will significantly increase in just a few months.

  • Should I consolidate all of my debts?

    Not necessarily. If you have any 0% financing agreements or a student loan with tax-deductible interest, it may be worth keeping these active. 

  • Could I get additional funds above the debts I’m consolidating?
    • Absolutely. If you have family vacation plans, need a new car, or have to take care of some repairs at home, it can be a good idea to include these when refinancing. Planning for the future at this point will be a much better option than taking out further credit later on.
    • It is also recommended that you create an emergency fund or add some funds to your TFSA, or RRSP. It’s only ever so long before life throws something unexpected at any of us. 
  • Are there any additional costs involved?

    Typically, the only additional cost would be an appraisal fee, which we can avoid in many cases. 


    An appraisal will usually cost from $300-500. Initially, we’ll seek approval using an online valuation (costing only $99). Lenders usually accept this but, if not, the full appraisal will be needed. Some lenders may cover this cost, and sometimes even any legal fees too.


    Any other additional costs, solicitors or breakage fees, can be included in your refinancing, so you won’t be out of pocket.

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