Do you have a high-interest debt? Are you wondering “Can I consolidate debt into a mortgage?” Any kind of debt can be hard to pay down and get permanently dissolved if the interest charges keep accruing. Many people may feel at a loss about making a dent in their high-interest debt.
Many Canadian homeowners are using home equity to consolidate their debts. If you own a home, you can use your home equity to get a low-interest mortgage. The higher equity you have in your home, the lower the interest rate offered by lenders. Consolidating debt into a mortgage is not difficult, especially with alternative lenders like Leap Financial. We don’t use your income, credit score, or job history as factors to determine loan approval and interest rate. We only consider your home equity.
Let’s look at how to consolidate debt in Canada and how Leap Financial can help you become financially independent.
Is It Possible to Consolidate Debt Into a Mortgage Loan?
The answer is a resounding yes. Yes, you can consolidate debt into a mortgage loan, but the difficulty in this may vary depending on your assets and credit score. With big banks and large lenders, you will need to meet some stringent criteria. However, with lenders like Leap Financial, it’s easier to meet the requirements.
Understanding Debt Consolidation
The act of consolidating debt is to combine multiple owing accounts together into one single monthly payment. Many people use debt consolidation to pay off or less high-interest debts.
With a debt consolidation loan, you can combine your loans into a single mortgage payment. You only have to make one payment every month instead of tracking & paying different amounts every month.
Owning a home is a fantastic way to secure a home equity loan or a line of credit. The equity in your home is a great way to show alternative lenders that you have a strong financial resource.
This is one of the reasons why lenders like Leap Financial only use your home equity as proof that you can effectively pay off your debt consolidation loan.
How Can I Convert my Debt to a Mortgage?
The Canadian mortgage rates have been steadily decreasing over the past few years, while interest rates on credit cards are increasing quickly and don’t seem to be stopping anytime soon. Thankfully, debt consolidation is the perfect way for people with high credit card debt to transfer that over to a mortgage.
How Do I Consolidate Debt Into a Mortgage with Leap Financial?
Simple! Applying with Leap Financial is one of the easiest ways in British Columbia to receive a home equity loan to start consolidating your debt. Most applications are approved in as little as 24 hours and the funds transferred to their bank account within a week. We can help you combine your debts into one single payment and offer a more favourable term, loan structure, and lower payment options.
Conclusion
Overall, consolidating debt into a mortgage in Canada is easy with Leap Financial. Consolidating debt into one payment with a home equity loan will save you valuable money in the long term. The interest rates for a home equity loan are usually much lower than with a credit card or other types of personal loans.
Apply for a Debt Consolidation mortgage today and we will help you determine your home equity and present the best loan options for you. With the home equity loan everything will be combined into one monthly payment so you don’t have to keep track of all the amounts you owe from month to month. Debt consolidation can get you back on track financially.