You're Paying 19.99% to Carry Debt You Could Consolidate for Less.

You use the equity in your Toronto home to refinance (replace your existing mortgage with a larger one) or add a 2nd mortgage / HELOC. The new funds pay off high-interest debt, credit cards (19.99%), store cards (24%+), unsecured lines of credit, personal loans, even car loans. You now have a single lower mortgage payment instead of many high-interest ones. The exact amount depends on your current debts and rate, we'll show you the real number for your file before you apply.

Refinance: best when your existing rate is similar to today's, or your mortgage is close to renewal, and it often gives you the most competitive blended rate. 2nd mortgage: best when you're locked into a low 1st-mortgage rate and breaking it would trigger a huge penalty, because it leaves the 1st alone. HELOC: best when debt amounts fluctuate or you want flexibility, with revolving credit at a prime-based rate. lendsimpl runs all three numbers on your file.

A-lender refinance: up to 80% LTV (you need 20%+ equity after the new mortgage). A-lender HELOC: up to 65% LTV. Private 2nd mortgage: combined LTV limits vary by lender and property, and can be higher than a refinance allows. Example: a $1M Toronto home with a $500K existing 1st mortgage leaves up to $300K of refinance room (80% of $1M is $800K in total mortgage). lendsimpl tells you immediately how much consolidation room you have.

Yes, refinancing replaces the existing mortgage and may trigger a prepayment penalty (3-month interest for variable, IRD for fixed). Banks' IRD penalties can run into the thousands or tens of thousands of dollars depending on rate gap and term remaining. lendsimpl quotes the penalty in writing and compares it against the interest savings, if the penalty kills the math, we recommend a 2nd mortgage or HELOC instead.

A-lender refinance or HELOC: typically a score in the 680 range. B-lender refinance: a wide range of scores, with pricing that varies by tier. Private 2nd mortgage: no minimum credit score (equity-based). Many debt consolidation clients arrive with damaged credit from high utilization, and lendsimpl matches your exact file to the right lender tier.

Yes, through private 2nd mortgages or B-lender refinances. Active consumer proposal: private 2nd can pay off the proposal in one lump (which can help your credit recover) and consolidate other debt. Post-bankruptcy 12+ months: private 2nd is typically available with 20 to 25%+ equity; B-lender refinance possible after 24+ months of clean credit.

Here's the math on the card side: $60K of credit card debt at 19.99% runs about $1,500 a month in minimum payments. Rolled into your mortgage, that same $60K adds only a fraction of that to your monthly payment, depending on your rate and amortization. We show you the exact number for your file before you apply.

Short term: a hard credit pull may drop your score 5 to 15 points temporarily. Long term: paying down high-utilization credit cards is one of the most effective ways to improve a score, since utilization is the second-largest scoring factor. Many clients see a meaningfully higher score within 3 to 6 months of consolidating.

A-lender refinance: 14 to 21 business days end-to-end. A-lender HELOC: 7 to 14 business days. B-lender refinance: 10 to 15 business days. Private 2nd mortgage: 3 to 10 business days (emergency files can fund in 5 days). lendsimpl gives you a realistic timeline based on your specific file in the first call.

All mortgage-secured debt carries the same risk, falling behind on a consolidated mortgage exposes your home just like falling behind on the original mortgage did. The difference is: a single lower payment is dramatically easier to maintain than 6 to 10 separate high-interest minimums. lendsimpl builds a payment plan that's genuinely sustainable on your monthly income.

Yes. With sufficient equity, you can use a refinance or 2nd mortgage to pay off credit cards, car loans, and personal lines. Rates drop from 19 to 29% to 6 to 9%, often cutting monthly payments by 40 to 60%.

Not always. Your broker must calculate the IRD penalty before recommending a break. In many cases a 2nd mortgage lets you consolidate without breaking your 1st, avoiding the penalty entirely.