Debt Consolidation
Mortgage Vancouver

If you’re carrying too much debt and you’re looking for a way out, a
debt consolidation mortgage is just what you’re looking for!

A debt consolidation mortgage is a type of long term loan that combined all your debts into one manageable payment. This streamlines your finances as you’re left with one payment to make rather than several.

Reasons for Debt Consolidation

Affordable Payments

Debts such as car loans and personal loans come with high monthly repayment obligations. Consolidating multiple debts into your mortgage will extend your payback period, resulting in an overall lower minimum repayment obligation.

Lower Interest Rates

Mortgages have much lower interest rates compared to unsecured debt like credit cards, line of credit, and personal loans. Consolidating these debts into your mortgage can reduce your interest payments saving you money over time.

Improve Your Credit

Managing multiple debts with different pay dates, interest rates, and repayment amounts is challenging. Missing even one payment will negatively affect your credit. Paying one loan is much easier than paying multiple, which will reduce your chances of missing payments.

Debt Consolidation Mortgage Options

Home Equity Line of Credit (HELOC)

A HELOC is a line of credit secured against your home. Most HELOCs are capped at 65% of your appraised home value, but some can go up to 80%. You’re required to make interest-only payments for the amount you use, not the entire credit limit. This provides the most flexibility out of the three options.

Refinance

A mortgage refinance will require you to break your current mortgage and combine all your outstanding debts into a new mortgage. Refinancing your mortgage is the best option if you’re looking for a structured plan to pay off your debt. There will be costs involved such as a prepayment penalty for breaking your current mortgage, appraisal costs, and legal costs.

Second Mortgage

If you have a competitive interest rate on your current mortgage and are only looking for funds to consolidate your other debt, a second mortgage is perfect for you. While a second mortgage comes with higher interest rates and fees, the costs are usually lower than unsecured debt such as credit cards or personal loans.

Ready to get Debt Consolidate?

Your mortgage matters more than
you might think.

Hi, I’m Gurnik Singh, your mortgage consultant. I understand the stress of finding the right mortgage. It sometimes feels like you’re looking for a needle in a haystack.

Wanting to help homeowners navigate these complexities is what ultimately led me to a career in Real Estate Finance. My passion for understanding each person’s unique needs and tailoring the perfect mortgage to fit their life is what drives me. We offer more than just a mortgage; we provide the necessary tools and knowledge to ensure you supported throughout the financial life of your mortgage.

Ready to streamline your mortgage experience?

Benefits You Can Expect

Guidance

We’ve streamlined the entire mortgage process, making your mortgage experience simple & stress-free!

Access

With access to over 50 lenders, leave it to us to shop the best mortgage for your needs!

Transparency

We make transparency a priority, ensuring you’re well-informed throughout the mortgage process!

Testimonial

Don't Just Take my Word For It

Dan Rogers

“Invaluable Expertise”

“Gurnik’s services exceeded all expectations. He seamlessly guided me through the intricacies of a mortgage offering invaluable expertise and recommendations.”

★★★★★

Kiera Stephenson

“Diligent and Responsive”

“I worked with Gurnik and he did a fantastic job. He was diligent and responsive which was needed for all my questions as a first time home buyer. Would recommend and thank you again!”

★★★★★

Abdi Reed

“Seamless Process”

“Just secured a mortgage with the help of Gurnik. He made the entire process seamless and worked around my busy schedule to keep me informed throughout the process.”

★★★★★