What is refinancing to consolidate mortgages?

Author: Boychuk Mortgage Group |

Refinancing to consolidate mortgages involves combining multiple debts into a single mortgage loan. This process can include your existing mortgage, high-interest credit card balances, personal loans, car loans, and other unsecured debts. By consolidating these debts, you can often secure a lower interest rate compared to what you are currently paying on your various debts, which results in a single, more manageable monthly payment. This method not only simplifies financial management but can also significantly reduce your overall monthly financial burden, making it easier to stay on top of your finances and reduce stress.