Mortgage solution
Debt consolidation
Rolling cards into the mortgage lowers the payment right away. The trap is stretching over twenty-five years a balance you would have cleared in three.
Lower pressure without hiding the cost
Swapping a 20% card rate for a mortgage rate is a real gain. The catch is duration. The monthly saving is real, but total interest can still go up if you don’t speed up repayment afterward.
Prevent the debt from returning
Consolidation frees up the cards, and that is exactly where most files go wrong. A serious plan says what happens to those credit products once the financing closes.
Compare refinancing with the alternatives
Mathieu looks at the penalty, fees, property value, ratios and target payment. Sometimes a change to the budget or a payment agreement costs less than adding debt to the mortgage.
Documents to gather
What the lender will ask for.
- Debt balances
- Current rates
- Target payment
- Mortgage penalty
- Property value
- Plan after consolidation
Frequently asked
Is consolidating into the mortgage worth it?
On rate, almost always. On total cost, only if you accelerate repayment afterward. A $25,000 balance spread over 25 years costs more in interest than a five-year personal loan at a much higher rate.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Have your file reviewed before you commit.
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Pick the situation closest to yours.
Contact
Tell Mathieu about your project
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
- Your request goes directly to Mathieu
- Across Quebec, in French and English
- No fee on most residential files