Your card and line-of-credit payments, cut by half or more through refinancing: the monthly relief is real. What’s less obvious: the debt could stick around far longer than before.
The balance after three, five, and ten years, interest paid, fees, the new mortgage payment: all of it gets compared before recommending that debt move onto the property.
Discuss debt consolidation with MathieuOn a consolidation, the rate matters less than the answer: not every lender will take a file with high card balances. I compare the ones that say yes first, then their terms.
When your card balances are high, your bank can simply say no, and you’re left without a plan B. I know which lenders take these files and can put yours where it will go through. And if consolidating isn’t the right move for you, I say so: I’m not selling one particular product.
Balances, rates, payments. A rough list is enough to start the conversation.
What consolidating gives you, and what doing nothing gives you. With the remaining balance after three, five, and ten years in both cases.
I go find the lenders that will take your file and compare total cost, not just the payment drop.
I coordinate paying the debts directly at closing, and we decide where the freed-up money goes each month.
Moving your debts onto the mortgage can make the monthly payment shrink. The relief is real. But the debt is now spread across the full amortization, and if you only pay the minimum, the balance comes down far more slowly than you’d expect.
Penalty, appraisal, legal work: it runs into the thousands. Finance them and you’re no longer consolidating just your debts, you’re consolidating the fees too, and they carry interest for the whole amortization, like everything else.
In most files you pay nothing: I’m paid by the lender that secures your financing. What it costs, in detail
These tools place current debts and the mortgage scenario on a common basis.
It depends on the value recognized for the property, the mortgage balance, your situation, your credit, and the lender’s conditions. Some debts get paid directly at funding. An equity estimate is not a confirmation. The amount actually available gets confirmed with the lender.
Closed, limit reduced, or left open: it depends on the financing conditions and on what you decide. We talk about it before funding, not after. We also build a budget, because that’s where the real risk sits: ending up two years from now with the cards full again and a bigger mortgage on top.
I explain why it doesn’t work with the current numbers, and what avenues we can look at, without promising they’ll come through. If your situation calls for it, I’ll say so: sometimes the right person to see is a budget counsellor or a licensed insolvency trustee, not a mortgage broker.
Paying off accounts changes the balances being reported, but I can’t promise an improvement: your score depends on too many factors. A new application can show up on the file too. My work is the financing structure and the budget. For the file itself, go to the credit agencies and have errors corrected at the source.
Yes, if it fits the lender’s conditions and your objective. We look at which debts cost you the most, which are better left where they are, and the effect on the payment. Moving everything onto the property isn’t automatically the right call.
Major banks, credit unions, and specialized lenders each apply their own criteria, products, and terms. A logo does not mean that a mortgage will be offered or approved.
