Mortgage Refinancing for Debt Consolidation
In some situations, refinancing can bring your debts (credit cards, car loan, line of credit) together in your mortgage. It can simplify your payments and help you regain control of your budget. However, it must be evaluated carefully.
Have my refinancing analyzedHow it works
You use part of your property's equity to pay off higher-interest debts. You are left with a single payment, often lower each month.
What to look at before deciding
- The total cost over time, not just the monthly payment
- Penalties if you break your current mortgage
- Fees related to refinancing
- The risk of going back into debt on your cards
When it is not the best option
If penalties are too high, if the budget remains fragile or if spending habits do not change. In those cases, we will tell you frankly.
Required documents
- ID
- Proof of income
- Current mortgage statement
- Statements for the debts to consolidate
Frequently asked questions
Will refinancing lower my payments?
Often, yes, each month. But the total cost can increase if the debt is spread over a longer period. We show you both.
Can I consolidate with a credit score that is not perfect?
We may be able to help you even with a score that is not perfect, depending on your situation.
Should I stay with my current lender?
Not necessarily. We compare your current lender with other options.
Let's talk about your file
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