Roll high-interest debt into your mortgage to reduce monthly outflow and simplify your finances into a single payment.
See roughly how much interest you could save monthly by rolling debt into your mortgage rate.
Estimated monthly interest savings $0
Based on interest cost only — your actual payment depends on amortization.
Combine credit cards, lines of credit, and loans into your mortgage.
Mortgage rates are typically far below credit card and unsecured loan rates.
Replace several due dates and minimums with a single monthly payment.
What types of debt can I consolidate?
Credit cards, lines of credit, personal loans, and even CRA tax arrears can typically be rolled into your mortgage, subject to available equity.
Will this affect my credit score?
Paying down high-utilization credit cards can improve your credit utilization ratio, which often has a positive effect on your score over time.
How much equity do I need?
You'll generally need enough equity that your new mortgage (including the consolidated debt) stays under about 80% of your home's value.
Is debt consolidation the same as refinancing?
It's a use-case of refinancing — you're increasing your mortgage to pay off other debts, which involves the same process as a cash-out refinance.
What if I have bad credit?
Alternative and B-lenders often work with consolidation specifically for clients with credit challenges — we can explore those options if needed.
How long does the consolidation process take?
Typically a few weeks from application to funding, similar to a standard refinance, depending on appraisal and lender turnaround times.
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In Ontario, most traditional lenders require a minimum credit score of 600 for an insured mortgage. For best conventional rates, a score of 680 or higher is recommended.
If your credit score is between 500 and 600, alternative B-lenders and private mortgage lenders may still approve you — though at a higher rate. My Future Mortgage works with a wide network of alternative lenders across Ontario.
Canadian federal rules set minimum down payments at 5% for homes up to $500,000, 10% on the portion between $500,000 and $1 million, and 20% for homes over $1 million.
First-time home buyers can access the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP) to boost their down payment.
Yes. While traditional A-lenders decline scores under 600, B-lenders and private mortgage lenders offer refinancing for credit-challenged borrowers. Equity is the most important factor.
My Future Mortgage specializes in connecting Ontario homeowners with the right lender for their unique credit situation.
If you switch lenders at renewal, you must re-qualify at the stress test rate (contract rate + 2% or 5.25%, whichever is higher). Staying with your current lender typically doesn't require a stress test.
My Future Mortgage pre-qualifies you with partner lenders before your renewal date so you know exactly what you qualify for.