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Debt Consolidation Mortgage

A debt consolidation mortgage is one of the most used financial strategies to make large household debt more manageable. Refinancing or taking out a second mortgage is a common way to consolidate debt.

In short, debt consolidation is paying off a variety of debts with and under one debt, a mortgage, with a lower rate of interest compared to credit card rates. A lower rate makes for an easier and more manageable repayment.

 Often it’s used to help people with accumulated debt make it more manageable under one lower rate and a single mortgage payment. In many cases people want to pay off their mortgage sooner and find it difficult because they have other consumer debt always in the way. When you have many bill payments it always harder to pay down your mortgage. Consolidating your debts into your mortgage allows you pay off your mortgage while paying off a debt at a lower rate and under a single payment.

Reasons for consolidating debt

Having multiple debts can be a burden, refinancing can be a good way to consolidate that debt and simplify your life. Rolling your debts and loans into your mortgage can be financially strategic and beneficial.

Consolidating your debt is simply repaying debts with mortgage proceeds. Consolidation is when a debt is paid by another debt. The advantage to consolidation is that it brings a gross owed amount under one repayment and a single lower interest rate.

It allows you to strategically target high interest debt and amounts with a payment through a replacement mortgage debt that consolidates everything under one repayment and interest rate.

Pools all debts into one manageable mortgage payment

The greatest advantage in a debt consolidation mortgage is that through a refinance or equity take-out all your debts are paid off with mortgage financing. You repay the debts now under one principal amount, a single lower interest rate and one easy manageable payment.

Collects your debt under a lower interest rate

When you have several credit card debts combined with a variety of other bills it can be quite disadvantageous and difficult to manage the repayment of the debt, especially with the high rate of credit cards. A debt consolidation mortgage can conveniently combine all your debts through loan financing for the repayment of all debts. The mortgage used for consolidation will have a lower interest rate, making for a more advantageous and manageable repayment of your debt.

More strategic way to manage a variety of debt

At this point it should be evident that a debt consolidation mortgage is a strategic and effective approach to debt management. It strategically repays all of your debts off and consolidates it under a mortgage, this is also essential for maintaining a good credit rate despite a large sum of debt. Having one payment under a lower interest rate will prevent you from fumbling your debt and damaging you credit score.

Allows for you to take advantage of your debt with a new focused strategy

Debt consolidation can provide you an exit strategy for your debt helping you get through a rough spot. Once you're back on your feet financially you can strategically tackle your mortgage debt.

Required documents for debt consolidation


Why is it required?

Important things to note

Income Verification

Why is it required?

Important things to note

Current Mortgage Statement

Why is it required?

Important things to note

Property Appraisal

Why is it required?

Important things to note

Property Tax/Bill Statement

Why is it required?

Important things to note

Heating Bill and/or Condo Fees

Why is it required?

Important things to note

Void Cheque

Why is it required?

Important things to note

Consolidate your debt with a refinance or equity take-out?

Fill out our online Mortgage Assessment Form and we'll advise on the best mortgage move for you.

Have a question?

Feel free to send us an email with any questions you may have about the required documents for a debt consolidation mortgage.

We'd be happy to help!

How to get started with debt consolidation

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We have a few excellent options to determine what you can afford to borrow. We offer an easy to use Mortgage Qualifier Calculator. Simply input the required information and let our calculator give you an idea of how much you can afford to borrow.

If you want to get the most accurate idea of how much you can afford to borrow, contact us or fill out our online mortgage assessment form.

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There are a variety of mortgage types and purposes. Deciding on the best mortgage for you is essential to getting the most logical loan for your financial needs, goals and future.

If you don't know what you want or need in a mortgage, we can assess your finances and  in consideration of your financial needs and goals, we'll provide the best mortgage and rate for you.

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We can assess your situation and advise on a mortgage product that will meet your financial goals and needs into the future.

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We can be contacted by phone, email or directly through our website. We do consultations through email, phone and meetings. To begin a consultation fill out a form pertaining to your mortgage needs.

We've been helping Canadians obtain financing at the best terms and rate for 30 years and we'd be happy to help you get the best mortgage.

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We have a variety of forms and applications at your disposal. We do everything from mortgage applications to mortgage assessments to helping to improve credit ratings.

How getting a Debt Consolidation Mortgage works

Fill out our online mortgage application

We assess your financial information

We chat about your mortgage financing options

We collect your required documents

We shop for your best mortgage and rate

We submit your application to a lender

You get approved for mortgage financing

We continue to advise and standby to guide

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A summary of our mortgage service

We navigate the mortgage market for you. As professionals we shop for you and in doing so we provide proficient service and advice.

Nick and his staff were very efficient and helpful. Nick in my opinion went above and beyond what was required in arranging my new mortgage.  This has been my experience over the past 25 years when dealing with Mortgage for Less and Nick specifically.

Steven Hensman

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Nick Mitskopoulos was professional, trustworthy, efficient and proactive. His expertise as a broker was evident from the moment we met him. We had encountered 2 other brokers before but we decided to go with Nick because of his professionalism and sense of ethics. He was also patient and answered our numerous questions. We definitely recommend him as a mortgage broker. Keep up the good work Nick!

Sylvie Leung

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At no cost to you, we work on your behalf with your best interests in mind, until the mortgage transaction is closed and you are funded.

We asses your situation, advise on a mortgage product, find your best rate and provide you with options to customize your mortgage.

Nick was great to deal with. Professional, knowledgeable, polite and quick to answer any questions we had. Throughout the process from mortgage pre approval all the way through to closing day he stayed in touch making sure we had all the information necessary.
Would highly recommend Nick.

David Lowcock

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I have used Mortage For Less for all my mortgages since purchasing my first home nearly 15 years ago. From our first experience Nick has always been amazing at providing advice and negotiating great deals, and we have been a loyal customers ever since. Nick also jumped in quickly to help us work out a line of credit through our mortgage when we inquired a few years ago, and he provides interesting updates on the market. I plan on sticking with Nick for as long as I own a home.

Rob Taniwa

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We consider your financial needs and goals to provide a proficient service of strategic mortgage customization.

We provide advice before and after a mortgage. We're dedicated to answering and advising on all your mortgage inquiries.

What a pleasure it is to do business with Nick. I have used Nick as my mortgage broker several times now and wouldn't think of using anyone else. He is knowledgeable, professional and always timely on any questions or inquires I have. He makes you feel like you are a special customer through the entire process. Nick thanks again for all you expertise and making this a smooth transaction.

Much appreciated !

Danny Phillips

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It's always been a pleasure to work with you. Everything was made very easy for us even though you are in a different province. I believe I always got a great rate without me having to negotiate with several different banks. All the work was done for me. Thank you.

Mary Tiberio

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We provide a continued service of advice to strategically save tens of thousands over the life of a mortgage.

Consolidate your debt with a mortgage

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We have been advising on mortgages for 30 years and we've helped thousands of Canadians get approved for their mortgage financing needs.

We'd be happy to help you with your debt consolidation mortgage.


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