Debt Consolidation Services

Our approach to debt consolidation and stress relief

Have credit card debt, student loans or car payments?

Here's how a consolidation mortgage can lower your monthly payments and help you become debt-free.


The average Canadian owes $23,800 on credit cards, student loans, lines of credit and other non-mortgage debt, and new grads often carry debt loads that are twice the national average. Interest on credit cards can be as high as 29.99%, and even so-called low-interest cards charge double-digit interest rates.


If you own a home in the Lower Mainland, Fraser Valley or the Interior, a consolidation mortgage could help you pay off your debts faster. Freedom from non-mortgage debt means you'll be able to spend more time doing what you love, and less time stressing about money.


At the Inspired Mortgage we're focused on helping you achieve your financial goals. Our team of mortgage specialists are here to give you all the information you need to decide if a consolidation mortgage is right for you.

Smart, stress-free debt consolidation strategies.

A consolidation mortgage combines multiple payments into one simple payment. That means no more juggling payment dates or double-checking bank account balances to make sure there's enough money to cover your bills.

Sounds good, right?

Better yet, the mortgage interest rates are almost always lower than interest rates on consumer debt. With a consolidation mortgage, you can pay off your credit cards, student loans and car loans months or even years faster.

We can even set you up with a consolidation mortgage that lets you make extra payments, and you can choose a weekly, bi-weekly or monthly payment schedule

Ready to simplify your finances?

When you're ready to level-up your debt repayment strategy by consolidating all your recurring bills into one simple, low-interest payment, we're here to help.


Click here to get started. For more information read our guide to consolidation mortgages below.

Our Debt Consolidation Program

  • How does the Debt Consolidation program work?

    We pay out all debts, reducing multiple payments to credit companies down to one straightforward payment. We also reduce the interest being paid, helping to remove unnecessary stress and anxiety. Lastly, we increase your cash flow and provide additional funds to operate as an emergency fund moving forward. This way, you won't need to rely on credit when life throws another curveball. 

  • Are there unsecured and secured mortgage options based on the amount of debt I owe?

    An unsecured option would be a bank's consolidation loan. The issue with these is that they come with both high rates, compared to a mortgage and further, come with lower amortization lengths. These higher rates result in payments that are exorbitantly higher than rolling liabilities into your mortgage. Therefore consolidation loans typically provide little cashflow relief compared to present debt structure. 

     

    Our Debt Consolidation program often allows you to pay off all debts while maintaining a similar mortgage payment that you already have. Thus significantly increasing your cash flow. 

  • Once my debts are paid in full, will my credit card be cancelled?

    No. It's critical that we keep your credit facilities open and that you continue to utilize them to continue to improve your credit.

  • Will consolidating my debt improve my credit score?

    Absolutely. When the balance of your credit facility exceeds 50% of the limit, this is derogatorily held against your credit score. Once you are past 75% and then 90%, the detriment to your credit score is even higher. By refinancing and paying off all credit facilities, your score will increase significantly within a matter of months. Absolutely. When the balance of your credit facility exceeds 50% of the limit, this is derogatorily held against your credit score. Once you are past 75% and then 90%, the detriment to your credit score is even higher. By refinancing and paying off all credit facilities, your score will increase significantly within a matter of months. Describe the item or answer the question so that site visitors who are interested get more information. You can emphasize this text with bullets, italics or bold, and add links.

  • Do all of my debts need to be paid off?

    Not necessarily. If you have a car loan at 0% financing, or perhaps student loan to which interest is tax-deductible, it may be a better strategy that we don't. 

  • Can I obtain additional cash above or outside the debts I'm paying off?

    Of course. If you have home renovations, new vehicle needs, vacation plans, etc., we encourage you to have those funds available while we are refinancing. Thinking ahead at this stage is much better for your finances that putting these costs on a credit card in the future. 

     

    We also recommend adding funds to be put into your TFSA, RRSP and or an emergency fund for you and your family. The only certainty in life being uncertainty, we hope for the best, but plan and prepare for the worst.  

  • Are there any out of pocket costs?

    Generally, the only out of pocket cost is the appraisal fee, which 50% of the time we can avoid.

     

    The appraisal fee will cost between $300-500. We'll be seeking approval with an online valuation first at a lower cost of $99. The online valuation is generally accepted; however, if not, a full appraisal is required. Some lenders will reimburse the cost, as well as cover legal fees.

     

    Any other costs such as breakage fee or lawyer fee, if applicable, can come from the processed of your refinance, i.e. not out of pocket.

Ready to Get Started?

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