Consolidate Your Debt

Debt Consolidation Mortgages in BC | Lower Payments, Reduce Stress

Are you juggling multiple high-interest debts—credit cards, personal loans, car payments—and feeling like you're barely making a dent? You're not alone. High-interest debt can feel like a trap, but there is a powerful way out.

A Debt Consolidation Mortgage allows you to roll all your debts into one new, low-interest mortgage payment. This can free up hundreds, even thousands, of dollars in your monthly cash flow and help you become debt-free years faster.

How a Debt Consolidation Mortgage Works

The strategy is simple: replace expensive debt with affordable debt.

1. We use the equity in your home (the portion you own outright) to secure a new or larger mortgage.

2. The funds from this mortgage are used to pay off all your other high-interest debts in full.

3. You are left with one single, manageable monthly payment at a much lower interest rate.

Your Debt Consolidation Options

I can help you consolidate your debt through several channels, finding the one that best fits your credit and financial situation.

1. Bank Refinance (Lowest Rates)

The ideal option if you have good credit and sufficient equity.

• How it works: You break your current mortgage (or refinance if you're mortgage-free) and increase the mortgage amount to pay off your debts.

• Interest Rate: As low as 3-5%* (a massive saving versus credit card rates of 20-30%).

• Benefit: Lowest possible cost, long-term amortization (spreads payments over 25-30 years).

• Requirements: Good credit (650+ score), verifiable income, and enough equity (usually max 80% of your home's value).

2. Second Mortgage or HELOC with a bank or Private (Keep Your Existing Mortgage)

A great solution if you have a great existing mortgage rate you don't want to break.

• How it works: We place a new second mortgage behind your existing first mortgage. The funds from this second mortgage are used to pay off your debts.

• Interest Rate: Typically 5.5% - 11%*.

• Benefit: You keep your low first mortgage rate. The process is fast.

• Requirements: Sufficient equity in your home after your first mortgage.

3. Private Mortgage (Fast & Credit-Friendly)

The best solution if your credit score has been damaged by missed payments or income is not high enough for a bank mortgage.

• How it works: A private lender provides a mortgage based primarily on the equity in your home, not your credit score or income.

• Interest Rate: Higher, typically 6% - 12%*. But even this is far lower than credit card interest!

• Benefit: Any credit situation is accepted. Approval in days, not weeks. This is a strategic step to stop the financial bleeding and rebuild.

• Requirements: Significant equity in your home (usually 25-35%+).

Example of the Savings

Example is for illustration purposes only. Actual savings will vary.

Benefits of Debt Consolidation

• One Single Payment: Simplify your financial life.

• Drastically Lower Interest Rates: Save money every month.

• Improve Cash Flow: Free up hundreds of dollars per month for other expenses or savings.

• Reduce Stress: Eliminate collection calls and the anxiety of managing multiple bills.

• Rebuild Credit: Making one consistent payment can help improve your credit score over time.

Is Debt Consolidation Right for You?

It might be a smart move if you:

• Have $10,000+ in high-interest debt.

• Own a home with available equity.

• Are struggling with monthly minimum payments.

• Want to simplify your finances and save money.

Take the first step toward financial freedom. You have the solution built into your home's equity.

Let's Build a Plan to Become Debt-Free

I will find you the best possible solution to consolidate your debts, lower your payments, and reduce your stress.

Contact me today for a free, confidential consultation. There is no obligation, only information.