One payment instead of five
If credit cards, car loans and lines of credit are eating your paycheque, your home equity may be able to pay them off. Mitch shows you the before and after so you can decide with clear numbers.
What happens next.
Hover a step. Every file is different, but this is the path.
List every debt
We add up each balance, rate and monthly payment so you see the full picture in one place.
Compare the options
Mitch compares a refinance, a second mortgage and a HELOC side by side, including penalties and costs.
Approve and appraise
The lender confirms your home's value and income. If your credit has taken a hit, we look at B-lender options too.
Pay it all off
Your lawyer pays your creditors directly at closing. You start the next month with one payment.
Is this you?
- Homeowners juggling several high-interest balances
- Anyone paying only the minimum on credit cards
- Families whose monthly cash flow is too tight
- Homeowners with equity but bruised credit
- Anyone who wants one payment and a plan to be debt-free
How we can structure it.
Refinance
Replace your mortgage with a larger one and pay off your debts. Usually the lowest cost if the timing and penalty work.
Second mortgage
Keep your current mortgage untouched and add a second one behind it. Useful when breaking your first mortgage would cost too much.
HELOC
A secured line of credit for people who want flexibility and have the discipline to pay it down.
Consolidate at renewal
If renewal is close, folding your debts in then can avoid a prepayment penalty.
Debt consolidation calculator
Add up your cards and loans and see one new payment next to what you pay today.
- Payments today (mortgage + debts)
- One new mortgage payment
- Debt paid off
- Freed up per year
- New loan-to-value
Estimate only, using Canadian semi-annual compounding. Example rates are for math, not an offer. Your actual rate and APR depend on your approval.
What you'll need
- Government-issued photo ID
- Current mortgage statement
- Latest statements for every debt you want to pay off
- Recent pay stubs and a job letter, or two years of NOAs if self-employed
- Property tax bill
- Home insurance details
Don't have it all yet? Start anyway. We'll tell you exactly what's missing.
Worth knowing first
- Moving short-term debt onto a 25 or 30-year mortgage can cost more interest over time if you only make the minimum payment. A plan to pay it down faster matters.
- Consolidation only works if the cards stay paid off. Running them back up leaves you with more debt secured against your home.
- Breaking your mortgage early can trigger a prepayment penalty. A second mortgage or waiting for renewal may be cheaper.
- Second mortgages and B-lender options cost more than a standard refinance and may include lender or broker fees, always disclosed upfront.
Good questions.
How much can I consolidate?
Most lenders let you borrow up to 80% of your home's value, minus your mortgage balance. Your income also has to support the new payment.
Can I consolidate with bad credit?
Often, yes. If the big banks say no, B-lenders and private lenders look more at your equity. Costs are higher, so we'll plan an exit back to a regular lender.
Will this hurt my credit score?
There's a credit check when you apply. Paying off revolving balances often helps your score over time, as long as they stay paid off.
Is it better than a consolidation loan?
Usually a mortgage-secured option costs less than unsecured consolidation loans. The trade-off is that your home secures the debt. We'll compare both honestly.
Learn before you call.
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DebtDebt consolidation mortgage in 2026: tame payments without new debt
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You might also need
Refinance
Tap your equity, restructure your mortgage, or lower your monthly payment.
Renewals & Switches
Don't just sign your bank's renewal letter. Compare 30+ lenders before you commit.
HELOC
A line of credit secured by your home. Borrow, repay and borrow again.
Buying a Home
Get pre-approved, know your real budget, and shop with a rate hold in your pocket.