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High-interest debt adding up? Use your home equity to consolidate into one low monthly payment — 85% of Mortgagefy clients reduce their monthly payments.
Takes 30 seconds. No credit check required.
Debt consolidation through your mortgage is one of the smartest financial moves a Canadian homeowner can make. By rolling high-interest credit card balances, car loans, lines of credit, and other debts into your mortgage, you replace multiple high-rate payments with a single low monthly payment — often saving hundreds of dollars every month. At Mortgagefy, we help homeowners across Ontario and Canada structure debt consolidation mortgages that actually improve their financial situation long-term.
If you own a home with equity, you can refinance your mortgage or take out a second mortgage to pay off your unsecured debts. Instead of paying 19–29% interest on credit cards, you pay mortgage rates of 5–10% on the same balance. The difference in monthly cash flow can be dramatic. For example, $80,000 in credit card debt at 24% interest costs approximately $1,600/month in interest alone — the same balance rolled into a mortgage at 7% costs around $467/month.
Refinance your first mortgage: If your mortgage is up for renewal or you can break it cost-effectively, we refinance at a higher amount to pay out your debts. This gives you the single lowest rate but may come with a prepayment penalty on the existing mortgage.
Second mortgage: If your first mortgage has a favourable rate or penalty, a second mortgage lets you access the equity without disturbing it. Second mortgage rates are higher than first mortgage rates but still far lower than credit card rates. This is often the fastest path to relief.
Does debt consolidation hurt my credit?Paying off revolving credit card balances typically improves your credit score over time by lowering your utilization ratio. The mortgage application itself causes a small, temporary dip from the hard inquiry.
How much equity do I need?Most lenders want your total mortgage (including the new amount) to stay below 80% of your home’s value. If you have less equity, private lenders can often go to 85% in specific situations.
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Tell us about your situation. We review your needs, goals, and financial picture — quick and confidential.
We compare rates and terms from our network of banks, credit unions, B-lenders, and private lenders to find your best match.
Once you choose your best option, we handle the paperwork and guide you through to funding — fast and stress-free.
Fully licensed and regulated in Ontario. Your interests are legally protected.
Clear terms, honest guidance, and a dedicated agent working to get you the best deal.
Pre-approvals in 24 hours. Private lender funding in as little as 48 hours when time is critical.
We shop your application across banks, credit unions, B-lenders, and private lenders Canada-wide.
Mortgagefy helped me consolidate over $45,000 in credit card and car loan debt into my mortgage. My monthly payments dropped by $1,100. I wish I had done this years ago.
After being turned down by my bank, Mortgagefy found a B-lender who approved my consolidation in under a week. The whole process was straightforward and stress-free.
Get a personalized rate quote in under 60 seconds. No hard credit check required.
Fully licensed, operating under 8Twelve Mortgage Corporation (Lic#13072).
Access to Canada's largest network of banks, credit unions, B-lenders, and private lenders.
Get a response within 2 business hours. Many approvals within 24-48 hours.
Expert guidance with zero pressure. We work for you, not the banks.
A licensed mortgage agent will personally review your situation and call you back within 2 hours. No pressure, just expert guidance.
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Mortgage services provided by 8Twelve Mortgage Corporation, licensed mortgage brokerage (Lic#13072).
Have questions about your mortgage options? Book a quick call with a licensed agent — no pressure, no obligation.
