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Consolidate Debt
Consolidate Your Debt

Consolidate Your Debt

The Basics

Consolidate Debt by Refinancing Your Mortgage Loan

  • Refinance with historically low-interest rates, and take equity out to pay off other high-interest debt.
  • Instead of making several monthly payments, consolidate your debt to make one lower monthly payment.

Why You Should Choose Sunlite Mortgage

  • Our Mortgage Professionals are always available to answer questions and help to understand the important details of the mortgage process.
  • We are committed to ensuring that you are in the best mortgage option for your unique scenario.
  • You can manage the mortgage process online from start to finish which gives you much-needed transparency throughout.

Popular Loan Options to Consolidate Your Debt

  • 30-Year Term – offers low payment options while giving you the peace of mind of a locked-in interest rate.
  • 15-Year Term – Combine the benefits of consolidating your debts while also paying your mortgage off faster.

Frequently Asked Questions

How can refinancing my mortgage loan help me consolidate my high-interest debt?

Combining several debts with your mortgage refinance removes several monthly payments from your budget and replaces them with a single, more manageable payment — often at a significant interest savings. Depending on prepayment penalties, you can even consider using the money you’re saving each month to pay down the principal balance faster.

What is equity? How can it help me to consolidate debt?

Equity is the value of your home, less any mortgages against it. You can typically utilize up to 80% of what your home is worth. If you are currently paying higher interest rate debts, it may be worth it to consider taking some equity out as part of your next mortgage loan refinance to pay these off.

How much does it cost to refinance?

With any refinance there are typically some costs accrued in the process of closing your loan, between lender costs and third-party service providers, like appraisers and attorneys. When considering and equity take-out refinance, most clients choose to include any costs with their new mortgage balance, rather than paying for them separately.

How often can I refinance my home?

As long as there is a tangible, beneficial reason to refinance you can, but it is very important to make sure that refinancing will meet your financial goals. Use our Refinance Calculator to see if refinancing your home is in line with your goals.

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Mortgage Qualifier Calculator

The first steps in buying a house are ensuring you can afford to pay at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.

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Committed to making your mortgage approval process stress free and efficient for over 25 years, Sunlite Mortgage is one of Toronto, Canada’s leading mortgage brokerages.

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