Consolidate Your Debt

Consolidate your debt into one easy monthly payment by using the equity in your home.

CENTUM Canada Mortgages - Debt Consolidation
CENTUM Canada Debt Consolidation

Debt can be a stressful struggle. If you own your home, there are ways to help you reduce your monthly debt.

Debt Consolidation is essentially debt financing that combines two or more loans into one. A debt consolidation mortgage is a long-term loan that gives you the funds to pay off several debts at the same time. Once your other debts are consolidated, it leaves you with just one monthly payment, rather than several.

Debt Consolidation is particularly useful for high-interest loans, such as credit cards. Usually, the lender settles all outstanding debt, and all creditors are paid off in full.

Refinancing your existing mortgage into a debt consolidation loan combines your debts into one easy payment. This is a great option if you have high-interest loans (think credit cards) and you are only paying the interest rather than paying down the principal.

When you refinance, you can get up to a maximum of 80% of the appraised value of your home minus the remaining mortgage. Let our team of mortgage professionals help answer any questions that you might have.

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