One payment, built on real equity.

How much can I borrow against my Burlington home?

For a standard refinance with a regulated lender, the total mortgage usually tops out at 80% of the home's appraised value. The difference between that figure and your current balance is the most you could roll in.

Because prices have eased, I always start from what your home would appraise at today rather than the peak. Cornerstone's September 2026 benchmark for Burlington was down 4.1% year over year, and individual streets can move more or less than that. Getting the value right up front saves you from planning around money that isn't there.

Refinance, HELOC or second mortgage: which fits?

Each one solves a different problem, and the right choice depends on your current mortgage, your credit and how quickly you want to be debt-free.

A full refinance replaces your mortgage with a new, larger one. It can mean breaking your current term and paying a prepayment penalty, so timing matters, and it's often cleanest at renewal. A HELOC sits beside your mortgage and is flexible, but its rate floats with prime, which rose with the Bank of Canada's October 28, 2026 increase. A second mortgage can work when breaking your first would be too expensive or your credit needs time to recover, but it costs more and is meant to be short term.

• Refinance: one payment, longest runway, possible penalty to break
• HELOC: flexible and reusable, payment moves with prime
• Second mortgage: keeps your first intact, higher cost, short term

Will consolidating actually save me money?

Usually it lowers the monthly payment, because mortgage rates are typically far below credit card and unsecured loan rates and the balance is spread over a longer time. Whether it saves you money overall depends on what you do next.

Stretching a car loan or card balance over a 25-year mortgage can cost more in total interest if you only make minimum payments. The strongest plans use the lower payment to pay the debt down faster, and close or lower the limits on the cards that were cleared. I'll show you both the monthly and the total cost before you decide.

Do I have to pass the stress test to consolidate?

Yes. Adding money to your mortgage is a refinance, so you'll qualify under the normal rules. For uninsured mortgages, federally regulated lenders use the higher of your contract rate plus 2% or 5.25%. OSFI left that rule in place in January 2026.

Clearing high monthly debt payments can actually help your ratios, because those payments come off the calculation once the debts are paid out at closing. I'll run the numbers both ways.

What if my bank already said no?

It isn't the end of the road. A bank's decline often comes down to its own appetite on credit, income type or equity. Other lenders, including credit unions, alternative lenders and private lenders, look at the file differently.

Alternative and private options cost more and may carry fees, which I'll always disclose in writing before you commit. The goal is a plan that gets you back to a standard mortgage as soon as your file allows.

What does a Burlington consolidation look like, step by step?

First, we list every debt with its balance, rate and monthly payment, and look at your current mortgage terms. Then we estimate today's home value and work out the equity available up to the lender's limit.

Next, I compare a refinance, HELOC and second mortgage on both monthly payment and total cost, including any penalty to break your current term. Once you choose, the lender orders an appraisal, the lawyer pays the debts out directly at closing, and you're left with one payment.

• List debts, rates and payments
• Estimate today's value and available equity
• Compare options on monthly and total cost
• Appraisal, legal and payout of debts at closing

What will I need to apply?

Lenders will want recent statements for each debt you're consolidating, your latest mortgage statement, your property tax bill and proof of income: pay stubs and a job letter, or two years of Notices of Assessment if you're self-employed.

Don't let the list stop you from starting. I can give you a realistic picture from a quick conversation, then tell you exactly what's missing.