08/02/2025
I have helped a number of Canadian home owners pay off: high interest credit card debt, CRA taxes arrears, car loans, property taxes, mortgage arrears and spousal buy outs. The one thing most of these home owners had in common? They did not think it would be so easy to pay off their debt and consolidate everything into a lower interest loan. When you have mounting debt and have equity in your home, rolling all your payments into one loan, your mortgage, is advantageous for a number of reasons 1. You have a single payment you need to make now monthly as opposed to several that come out making it harder for you to save and budget properly 2. The payment for a home equity loan in most cases is much lower than the payments for all your debts combined, resulting in you saving money from consolidating everything into one payment 3. Paying off your debt will result in your credit score going upThese are just a few ways to leverage your home equity to better your overall financial situation and put money in your pocket