Consumer Choice Award 2023–2027Life got more expensive.
For many Canadian households, everyday expenses have increased faster than income. It’s not unusual for credit cards, lines of credit and monthly payments to have grown along with them.
If you own a home and have built equity, you may have an opportunity to restructure higher-cost debt, reduce your monthly obligations and create some breathing room. You have options. Let’s look at the numbers.
Consumer Choice Award winner, four years running.
The problem may not be how much you owe. It may be how much it’s costing you.
Credit cards and unsecured lines of credit can carry significantly higher interest rates than mortgage financing. When several balances are spread across different accounts, the combination of interest and required monthly payments can make it difficult to get ahead. For homeowners with sufficient equity, refinancing may provide an opportunity to combine some or all of those debts into one structured payment at a lower borrowing cost.
A lower payment isn’t enough.
Moving short-term debt into a mortgage can lower the monthly payment considerably. But if that debt is simply stretched over the next 25 or 30 years, a lower payment does not necessarily mean a better financial outcome. We consider interest savings, amortization, monthly cash flow and how quickly the consolidated debt can realistically be repaid.
The objective isn’t simply to move debt from one place to another. It’s to build a better way forward.
Learn more: Should I Consolidate Debt Into My Mortgage? · Improve Your Cash Flow With Your Mortgage · Run your own numbers: Mortgage Payment and Affordability calculators.
You don’t need to figure this out before you call me.
You don’t need to know whether you need a refinance, a HELOC, a longer amortization or something else. And you don’t need to have all the numbers perfectly organized. We’ll look at where things stand today, what you’re trying to accomplish and the options available to you. Then we’ll determine whether there’s a mortgage strategy that can put you in a better position.
What consolidating your debt can help you do
Comparing options across Canada’s leading lenders
I've worked with Mark for the past 5 years and to say he goes above and beyond would be an understatement! Mark helped me with my first home purchase and recently negotiating my first renewal. He is thoughtful in answering my questions and is always proactively monitoring the market with my best interest in mind. Through working with Mark, I've felt a tremendous comfort of a having a true professional working in my corner (plus, I've saved a ton of money!)…
Mark helped my partner and I get our first home 5 years ago. He advised us on the goverment supports for first time buyers. Mid the five-year mortgage cycle, he advised us on the right steps to follow to prepare for the mortgage maturity period and take the best advantage of our finances to get our second home and keep the first one as an investment…
You’re not the only household dealing with higher costs.
Let’s look at the numbers and find the solution that fits.
Free — about 2 minutes. No impact to your credit score, no obligation.
Consumer Choice Award 2023–2027 · Since 2004