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Debt Consolidation Mortgage

  • Get approved with the lowest interest rates
  • Access the equity in your home to pay off higher interest debts.
  • Save money and lower your mortgage payments.
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Choose to Debt Consolidation

We can help you get out of debt! Get a consultation today!
We understand that you may feel overwhelmed. Our goal is to help Canadians get out of debt while maintaining their homes, cars, and RRSPs.
Do you want one monthly payment that pays off all your debts at once? Is that what you can afford? Let’s get you the urgency you deserve.
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Are you planning to apply for debt consolidation in Durham Reason?

You have come to the right place. Our mortgage brokers at My Mortgage Approved can help you with the process and ensure your debt consolidation application gets approved as quickly as possible. We offer other financial services, such as mortgage refinancing as well. Please schedule an appointment with us today for a consultation.
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Explaining Debt Consolidation to you

Even though it is difficult securing a self-employed mortgage, it is not impossible. At a bank, it can be hard and the process is stressful. Most traditional lenders require the borrower to submit specific documentation on their income, credit score, net worth and much more. Self- employed people must provide the lender with an income application that most traditional banks will not accept. Stated income is nothing but an individual claiming to earn income. Even though a lender cannot accurately calculate the certainty of the stated income. The more proof you can provide to the lender, the better your chances of getting approved for better rates and terms.
  • Consolidation loan: This is a personal loan that you can use to pay off your debts. You'll be left with a single monthly payment to the lender that issued the consolidation loan, and the goal is to secure a lower interest rate on the new loan than you were paying on your old debts.
  • Consolidation credit card: This involves transferring the balances from multiple credit cards onto a single card with a lower interest rate. This can be a good option if you can qualify for a low-interest credit card and you're able to pay off the consolidated debt within the promotional period (when the low-interest rate applies).
  • Debt management plan: This is a repayment plan that's organized through a credit counselling agency. The agency will work with your creditors to reduce your interest rates and waive specific fees, and you'll make a single monthly payment to the agency, which will disburse the funds to your creditors.
If you have any queries, contact My Mortgage Approved in Durham. We will be more than happy to help you.

How does debt consolidation work?

Debt consolidation is a financial strategy that combines multiple debts into a single, larger loan to simplify debt repayment and lower the interest rate on the debt.

Here’s how it works:

  • Identify all of your debts: Make a list of all of your outstanding obligations, including the creditor, the interest rate, and the minimum monthly payment for each.
  • Determine your debt consolidation options: There are several ways to consolidate debt, including taking out a personal loan, using a balance transfer credit card, or enrolling in a debt management plan.
  • Choose the best option for you: Consider factors such as the interest rate, fees, and repayment terms of each opportunity to determine the best fit for your financial situation.
  • Consolidate your debts: Once you've chosen the right option for consolidating your debts, take the necessary steps to combine all of your debts into a single loan or account.
  • Make your monthly payments: From now on, you'll make a single payment to pay off your consolidated debt. It's essential to stay on track with your payments to stay caught up and protect your credit.
It's important to note that debt consolidation is not a magic solution to getting out of debt. It can be a helpful tool for simplifying your debt repayment and saving money on interest, but it's still important to budget carefully and plan to pay off your debts as quickly as possible.
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Some criteria that you should meet before applying

There are several factors to consider when deciding whether debt consolidation is a good option for you:
  • The amount of debt you have: Debt consolidation is generally only a good option if you have significant debt. If you only have a small obligation, paying it off on your own may be more cost-effective.
  • The types of debt you have: Debt consolidation is typically best for unsecured debts, such as credit card debt, personal loans, and medical bills. Consolidating secured debts, such as a mortgage or car loan, may take more work.
  • Your credit score: A higher credit score can make qualifying for a consolidation loan with a lower interest rate easier. If you have a low credit score, you may have to pay a higher interest rate or may not qualify for a consolidation loan.
  • Your debt-to-income ratio: Lenders will consider your debt-to-income balance when deciding whether to approve a consolidation loan. This ratio is calculated by dividing your total monthly debt payments by your gross monthly income. A high debt-to-income percentage may make qualifying for a consolidation loan harder.
  • The interest rates on your debts: If you have high-interest debt, consolidating your debts may allow you to pay off your debts faster and save money on interest. However, reducing may be less beneficial if you have low-interest debt.
We have experienced financial advisors who can help you with your financial needs. It is also helpful to speak with a financial advisor or credit counsellor to get personalized advice on your situation's right options. Our team can help you with that.

What are the benefits of debt consolidation?

There are several potential benefits to consolidating debt:
  • Simplified debt repayment: Rather than making multiple payments to multiple creditors each month, consolidating your debts allows you to make a single payment to a single lender. This can make it easier to keep track of your debt repayment and stay on track with your payments.
  • Lower interest rates: If you can qualify for a consolidation loan with a lower interest rate than the interest rates on your existing debts, consolidating your debts can save you money on interest over the long term.
  • Lower monthly payments: Consolidating your debts may also allow you to lower your monthly payments by stretching out the repayment period over a longer time. This can make it easier to afford your debt payments and free up cash flow in the short term.
  • Improved credit score: If you can successfully pay off your consolidated debt, it can help improve your credit score over time. This can make it easier to qualify for loans and credit cards.
  • Reduced stress: Dealing with multiple debts can be stressful and overwhelming. Consolidating your debts can help simplify the process and reduce the burden of managing various debts simultaneously.
So, what are you still waiting for? Contact My Mortgage Approved and start on your debt consolidation application today. We serve clients across Durham.
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204A-716 Gordon Baker Rd. Toronto ON M2H 3B4

Mortgage Agent Licence #:M21003616
Brokerage#: 12147

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Find out how much you can save by comparing today​

Find out how much you can save by comparing today​

My Mortgage Approved Logo

204A-716 Gordon Baker Rd. Toronto ON M2H 3B4

Mortgage Agent Licence #:M21003616
Brokerage#: 12147

Independently Owned and Operated

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