Debt Consolidation

Start Your Journey To Becoming Debt-Free Today By Consolidating Your Debt With A Home Equity Loan!

At Clover Mortgage, we’re here to help you get out of debt faster. If you own your own home and need a loan to help pay down some of your other higher interest debts, we can help you get approved quickly and easily for a debt consolidation loan using the equity in your home, or in other words, a home equity loan.

What Is Debt Consolidation?

Debt consolidation is when someone combines their high interest debt, such as credit card debt, student loans, car loans, and more, into one smaller monthly debt payment at a lower interest rate than the original rates that each debt came with.

There are many benefits to consolidating debt. One of the most important advantages is that it can, if done correctly, help you pay off your debts faster while increasing the amount of cash you keep in your pockets at the end of every month. This can reduce years of payments and save you tens of thousands of dollars in interest costs associated with the previous loans. It can also help you improve a low credit score and credit rating provided that you make your monthly payments on the new loan on time.

What Is A Debt Consolidation Loan?

A debt consolidation loan is the name for the actual loan that consolidates and combines high interest debt into one simpler lower interest loan. This newly combined loan has one simple monthly payment. Since the new debt consolidation loan has a smaller interest rate, that new monthly payment is lower than the combination of monthly payments were for the existing debt.

Mortgage Affordability Calculator

Our Clover Mortgage Affordability Calculator can help you determine how much of a mortgage and property you can afford.

Please enter the requested income and expense details below.

Total Annual Income (before taxes):

Annual Property Taxes:

Monthly Condo Fees (if applicable):

Monthly Heating Expense:

Monthly Debt Payments:

Please enter your expected mortgage details below.

Down Payment:

Mortgage Interest Rate:

Term:

1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 year

Amortization:

1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 26 years 27 years 28 years 29 years 30 years 31 years 32 years 33 years 34 years 35 years 36 years 37 years 38 years 39 years 40 years

Results

You potentially qualify for a maximum mortgage of up to $0,00 or a maximum monthly mortgage payment of up to $0,00*

*This is not a pre-approval and not an approved mortgage quote. This is merely an estimated calculation based on a 39% maximum TDS and the maximum mortgage amount and maximum monthly mortgage payment that you might qualify for may vary depending on a variety of factors including, but not limited to, the loan to value, the credit scores and credit histories of all applicants, the income reported on official government filed tax documents, the location and condition of the property, and more. For a more precise quote, please contact Clover Mortgage by phone 416-674-6222 or by email at info@clovermortgage.ca

Take Action

Print Email Report Speak with a Mortgage Broker

Email Report

First Name:

Last Name:

Your email:

Your phone:

Are you looking to purchase or refinance?

purchase refinance

*Enter your email to send the report

I agree to receive correspondence from Clover Mortgage Inc.

By submitting this form you agree to allow Clover Mortgage Inc. to use and disclose any information collected through this form and through subsequent correspondences in accordance with our Privacy Policy, and as deemed necessary by Clover Mortgage Inc., to process your mortgage request and application to the best of our abilities. This includes, but is not limited to, sharing your personal information with Clover Mortgage Inc. employees, subcontractors, and third party affiliates for the purposes of processing your mortgage request and application.

Send Report

Clover Mortgage Inc. has access to Ontario`s lowest rates

What yuo can affordability:

• Gross Household Mountly Income: $0
• Down Payment: $0
• Term: $0
• Interest Rate: $0
• Amortization: $0
• Heating: $0
• Property Taxes: $0
• Condo Fees: $0
• Total Monthly Debt: $0

Based on the numbers you entered above you can borrow a maximum of $0 which iresults in a pament of $0 per month.

CONTACT ME TODAY!

Steven Tulman steven@clovermortgage.ca 416-674-6222 77 City Centre, Suite 150 Mississauga, ON L5B 1M

How Does A Debt Consolidation Home Loan Work?

A debt consolidation home loan is a debt consolidation loan using the equity you have saved up in your home offers many advantages to potential borrowers. It allows you to breathe easier by helping reduce all of your larger monthly payments into one single and much smaller monthly payment. This type of loan can help you save money on monthly payments by settling other higher-interest debts and replacing them with a lower short-term interest-only loan. The interest on debt consolidation loans is often substantially lower than credit card interest rates so your new monthly payment can be much cheaper than your payments were before. In fact, if you can lock in a lower interest rate and continue making the larger monthly payments towards your loan as you were prior to consolidating, you will likely be able to pay the down debt much faster than anticipated!

If you are in the process of paying off an existing mortgage, the added stress of unpaid credit card bills could be even higher. If you find yourself overwhelmed by credit card debt and mortgage payments home equity loans maybe an option to consider.

Learn More

Advantages Of Consolidating Debt Through A Home Equity Loan:

• Increased cash flow: A debt with a lower interest rate than your credit cards will increase your current available monthly income.
• Customized financial plan: Your mortgage professional will help draw out a repayment plan that will be spread over a period of 2-5 years keeping in mind your financial goals and ability to repay the debt.
• Streamlined payments: Multiple larger monthly payments will now be downsized into one single lower monthly payment that can help you pay your debts off faster.
• Credit score: If you have a poor credit score, having the high interest sources paid off will enable you to work on building your credit score. This is a factor that is very important when applying for a future mortgage or renting a property.
• Principal repayment: When paying off credit card debt using only your income, the minimum payments often times only pay for the interest itself. This still leaves you in a lot of debt and in ongoing financial distress.

How Can We Help?

Interest rates start as low as 1.99% at the time of this page update for a full mortgage refinance through an A-lender bank, and starting at 6.99% for a second mortgage through private mortgage lenders. Some private lenders are willing to lend up to 80% of the equity in your home. Our team of experienced and trusted mortgage agents specialize in helping Canadian homeowners like yourself find solutions to help you get out of debt faster and free up extra cashflow in the process.

At Clover Mortgage we pride ourselves at providing same day approvals and in many cases we can get the money to you within 48 hours to help you reach your goals faster and contribute towards your financial stability.