Home Equity & Debt Consolidation
Could Your Home Equity Help Reduce Your Monthly Debt Payments?
Credit cards, loans and lines of credit can add up to thousands of dollars in monthly payments. If you own a home and have available equity, there may be a way to consolidate higher-interest debts and improve your monthly cash flow.
Helping homeowners across Durham Region, including Ajax, Oshawa, Pickering and Whitby, explore mortgage debt consolidation options throughout Ontario.
See the numbers first. Takes less than a minute. No obligation.
Start With Your Home
Enter your home value and current mortgage balance to see how much equity you may have available to explore. We'll ask about your mortgage payment and debts next.
Enter the current balance of any HELOC, second mortgage or other financing secured against your home. Leave blank if none.
Takes less than a minute. No obligation.
We Can Review a Wide Range of Situations
Good Credit • Bad Credit • Self-Employed • Non-Traditional Income
Available options depend on your home equity, income, credit, property and overall financial situation.
What Could Change
What Could Debt Consolidation Change?
Fewer Monthly Payments
Potentially combine multiple debts into a simpler payment structure.
Improved Monthly Cash Flow
Replacing higher monthly debt payments with a structured mortgage solution may reduce the amount leaving your account each month.
A Clearer Financial Plan
See the numbers before deciding whether changing your mortgage makes sense.
Actual savings and available options depend on mortgage terms, available equity, credit, income, qualification and other factors. You can also explore our mortgage calculators to see your numbers from different angles.
One Scenario, Not a Recommendation
A Refinance Isn't the Only Option
This calculator uses a mortgage refinance to illustrate how consolidating your debts could affect your monthly cash flow. But replacing your existing mortgage isn't always the best option.
Depending on your existing mortgage, available equity, credit and income, there may be other ways to access your home equity. You can also explore refinancing and home equity options to see what might fit your situation.
If you have a favourable mortgage rate or a significant penalty to break your mortgage, keeping your existing first mortgage and considering a HELOC or second mortgage may be worth comparing.
If traditional bank refinancing isn't available because of credit, income documentation or another qualification challenge, alternative or private mortgage options may also be available.
The calculator shows one possible scenario. The next step is comparing the available options before changing your mortgage.
Compare Your Options
Compare My Options
Share a few details and we'll review your mortgage, debts and available equity to see which options may make sense. No cost or obligation.
Your Options
One Goal. Different Ways to Get There.
Debt consolidation doesn't automatically mean replacing your existing mortgage. The right approach depends on your current mortgage, available equity, qualification and financial goals.
Mortgage Refinance
Combine your existing mortgage and other debts into a new mortgage when the overall numbers make sense.
Home Equity Line of Credit
Qualified homeowners may be able to access available equity without replacing their entire mortgage.
Second Mortgage
If replacing the existing first mortgage doesn't make sense, a second mortgage may provide another way to access available equity.
Alternative or Private Mortgage Options
If traditional bank qualification isn't available because of credit, income documentation or another challenge, other mortgage options may be available.
The goal isn't to put every homeowner into the same mortgage. It's to compare the available options and determine what makes sense for your situation.
Already Have a Good Rate?
Have a Good Rate on Your Current Mortgage?
You may not need to replace it.
If your existing first mortgage has a favourable rate or a significant penalty to break, refinancing the entire mortgage may not be the best option. You may want to review your mortgage renewal options before making a change.
Depending on your situation, we can also look at options such as a HELOC or second mortgage while keeping the existing first mortgage in place.
The goal is to compare the numbers before making a change.
Qualification
Credit Isn't Perfect? Don't Assume You Don't Have Options.
Traditional bank financing is only one part of the mortgage market. We work with a range of lenders, including banks, alternative lenders and private lenders.
If bad credit makes traditional refinancing difficult, your available home equity, income, property and overall financial situation can help determine what other options may be available.
Private financing can carry higher interest rates and fees than traditional mortgage financing. The goal isn't simply to find an approval. It's to understand the cost, compare the available options and determine whether the strategy makes financial sense.
Prefer not to call?
The Full Picture
Look Beyond the Monthly Payment
Reducing monthly payments isn't the only consideration when consolidating debt.
Changing a mortgage can involve:
- Mortgage penalties
- Lender fees
- Legal costs
- Appraisal costs
- Different interest rates
- Changes to amortization
- Changes to total borrowing costs
- Changes to monthly cash flow
A lower monthly payment does not automatically mean a lower total borrowing cost.
A proper comparison should consider the overall financial impact before deciding whether restructuring the mortgage makes sense.
Consolidating credit cards or other unsecured debts into a mortgage means those debts become secured against your home. If you cannot maintain the required mortgage payments, you could risk losing your home through lender enforcement or foreclosure proceedings.
Who You'll Work With
Your Mortgage Review
Gian Manalastas
Mortgage Agent Level 2 · Tribe Financial Group (FSRA #12782)
The goal of this review is simple: look at your numbers, compare the mortgage options that may be available, and help you decide whether using your home equity makes financial sense. No pressure, no obligation. If you'd like to speak with a mortgage agent, I'm happy to walk through your options.
Frequently Asked Questions
Can I consolidate credit cards and loans into my mortgage?
Potentially. If you have sufficient home equity and qualify with a lender, refinancing or other home equity financing may allow you to consolidate eligible debts. Approval depends on your financial situation and lender requirements.
Will debt consolidation lower my monthly payments?
It may reduce your combined monthly payments, depending on the interest rate, repayment terms and debts being consolidated. However, extending repayment over a longer period can increase your total interest costs.
Can I consolidate debt if my credit is less than perfect?
Options may still be available depending on your home equity, income, credit history and lender requirements. A mortgage review can help identify which options may be suitable.
Find Out What Your Options Could Look Like
You don't have to decide whether you need a refinance, HELOC or second mortgage before getting started. Start with the numbers. We'll help you compare the available options and determine whether using your home equity makes financial sense.