PRO immobilier & hypothèque N-Plex

(450) 985-1047

Fermer

The solution to high interest rate credit

Having many debts increases the risk of tainting your credit report. To speed up and simplify the repayment of your debts, a mortgage debt consolidation loan can be an interesting solution for you.

What is a mortgage consolidation loan?

Debt consolidation loan means refinancing your current mortgage to include all your other high interest debt in order to make only one monthly payment - your mortgage payment. In addition, the prevailing interest rates for a mortgage are generally much lower than all other loans. It is therefore often a more than advantageous solution.

Today's Rates

  • 1 year term 6.64%
  • 3 years term 4.99%
  • 5 years closed 4.74%
  • Variable Rate 5.90%
  • *Subject to change without notice
Mortgage Calculators

Debt Consolidation Benefits

Scenario

To find out if debt consolidation is an option for you, you should start by calculating the total amount you repay per month and assess your ability to pay the required loan for all your debts.

Say, for example, that your mortgage balance is $ 215,000 at an interest rate of 4.50% and you have about $ 20,000 in credit card debt from financial institutions at a rate of 18.5%. You also bought a car and have a car loan of $ 20,440 at a rate of 4.6%. Finaly, you have $ 5,000 in department store cards at a rate of 29%. As interest rates for a mortgage near 3.09%, everything seems to indicate that the mortgage debt consolidation loan would be a winning solution for you. Let's see everything in detail:

Current Situation

DEBT AMOUNT INTEREST PAYMENT
Prêt hypothécaire $215 000 4.50 % $1355.37
Carte de crédit $20 000 18.5 % $600.00
Prêt-auto $20 440 4.6 % $382.00
Carte de magasins $5 000 29% $150.00
TOTAL $260 440 $2487.37

 

After Consolidation

DEBT AMOUNT INTEREST PAYMENT
Prêt hypothécaire $260 440 3.09 % $1481.48

 

MONTHLY SAVINGS: $1005.89
Change my preferences
+

We use cookies to facilitate your navigation and enable certain features. You can see detailed information about all cookies in each consent category below.

Functional cookies (Required)

These cookies are essential for the proper functioning of our website; that’s why you can’t delete them.

Statistical cookies

These cookies allow us to know the use made of our site and its performance, to establish usage statistics and to determine the volumes of attendance and use of the various elements.

Advertising cookies

These cookies are used to provide visitors with personalized advertisements based on previously visited pages and to analyze the effectiveness of the advertising campaign.

Reject
Confirm my selection
Cookies

This site uses cookies, deposited by our website, in order to improve your browsing experience. For more information on the purposes and to customize your preferences by type of cookies used, please visit our privacy policy page.

Accept all
Manage my preferences