What is a Consolidation Mortgage?

Author: Boychuk Mortgage Group |

A consolidation mortgage allows you to combine all your high interest debt payments, including credit cards, car loans, unsecured loans, personal loans, student loans, medical bills, high mortgage interest rates, and more, into one single mortgage payment. This gives you the peace of mind of having one single payment at a far lower interest rate. Thus, resulting in a lower overall monthly payment and savings in your pocket.
Lenders will allow you to refinance up to an 80% loan-to-value, which means that you can pull out of your home any equity that exceeds 20% of your home’s current value. A debt consolidation mortgage ultimately increases your monthly cash flow, giving you the additional credit to cover any financial emergencies you may face and kickstart your future savings.