Consolidating debt with mortgage canada

Debt consolidation loans involve combining several high-interest loans or debts into a single debt with a lower interest rate.

Many people who go down this route end up with more debt than they had to begin with.Thinking of consolidating your debt with a mortgage refinance?Here are a few things to keep in mind as you weigh your options: By rolling your unsecured debts into a new mortgage, you’ll have fewer debts and debt payments to manage each month.Depending on the market and the state of your credit, the interest rate for your mortgage will likely be lower than an unsecured loan and much lower than a credit card.Rolling your unsecured debt into your mortgage could save you some money at tax time.

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