Rolling cards into the mortgage lowers the payment immediately. The trap is stretching over twenty-five years a balance you would have cleared in three.
Trading a 20% card rate for a mortgage rate is a genuine gain. The risk is duration: the monthly saving is real, the total interest can still rise if repayment is not accelerated afterward.
Prevent the debt from returning
Consolidation frees the cards, and that is precisely where most files deteriorate. A serious plan states what happens to those credit products once the financing closes.
Compare refinancing with the alternatives
Mathieu reviews penalty, fees, property value, ratios and target payment. A budget change or payment agreement can sometimes cost 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, read with their conditions.
These rates are indicative. The one you get depends on your file, the type of mortgage (insured or not) and the lender, and the penalty attached to it matters as much as the number.
Buying, renewing, refinancing or an unusual situation: describe where you are at, even if it is still vague. Mathieu replies with the next steps and the documents to gather.
