Consolidating debt mortgage canada
Either way, with the right plan in place, you can be well on your way to a strong new financial life.
It often makes sense to roll large amounts of high-interest debt into a mortgage. Because we are benefiting from mortgage rates that continue to be among the lowest in decades, while credit card rates can be 10 times as high.
Debt consolidation occurs when you take out one big loan to pay off many small loans.
Due to their high level of interest, small loans generally take longer to pay off.
But, what is a mortgage exactly and why do you need it?
Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.