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We’ll shop your mortgage to Canada’s leading mortgage lenders who compete for the opportunity of funding your mortgage.

Step 1. Apply Online

Do you want to get the best deal? Apply online. It is our business to get you the best mortgage and negotiate with lenders to get you the lowest rate available. There's no obligation and we don't charge you any fees.

Step 2. Get Approved

We outline your individual mortgage options. When you're ready to move forward on your application, we promptly get you approved. We make the mortgage process as simple and straight forward as possible, while completing your mortgage in a timely manner.

Step 3. Enjoy Your Savings

Because we have access to over 230 lenders, we will negotiate the very best available mortgage product and rate on your behalf. So, you better be ready to save thousands of dollars in interest. We can help you get the most out of your hard-earned money!

Debt Consolidation

You can be mortgage-free sooner and pay off your high-interest debts using your home equity!
By refinancing, you can access up to 80% of your home’s value and consolidate high-interest debts, such as credit cards, car loans or lines of credit. You can refinance to reduce your mortgage term and to get a lower interest rate. Using the equity that you’ve built in your home to consolidate your debt can free up extra cash, and combine your bills into one monthly payment. With today’s low interest rates, you could be saving up to 22% of your monthly interest with a refinance now!

There are several options to consolidate debt with a refinance, but it is most effective when homeowners:

1. Blend what they borrowed into a debt consolidation mortgage.
2. Pay off high-interest debts, while increasing cash flow and lowering monthly payments.
3. Keep up with mortgage/loan payments.
4. Pay down on the loan balance with any surplus.

Debt consolidation enables the borrower to allocate a larger portion of their repayment amount to reducing the debt rather than to paying high interest charges. As a result, making it easier to pay your mortgage off faster.

Example # 1

Before Debt Consolidation

Old Debt

Interest Rate

Monthly Payments

Interest in 5 Years

Credit Card

$45,000

19.0%

$1,350

$30,000

Line of Credit

$25,000

7.5%

$500

$6,400

Car Loan

$40,000

6%

$775

$6,400

Mortgage

$500,000

3.25%

$2,450

$75,255

Total

$610,000

$5,075

$118,055

All calculations in the above example are based on five years (5-year mortgage term, 5-year financing for a car loan and a 5-year plan to payout of all credit debt). Credit debt payments are calculated at a fixed amount based the first payment using 3% of credit card balance and 2% of credit line balance. Monthly mortgage payment calculation is based on a standard 25-year amortization. For additional calculations, try our Mortgage Calculator.

Lower payments and interest charges

Not only does consolidating debt make it easier to pay off, but it also saves you a considerable amount of the interest you would be parting with paying the loans separately. By refinancing, you can get a lower interest rate on your mortgage if rates have fallen substantially since you purchased your home.
When contemplating the option of a debt consolidation mortgage, you must consider whether the interest savings outweigh the fees associated with refinancing. In example #2, the amount of interest paid over five years is significantly reduced. If you deduct the $93,320 paid in interest after debt consolidation, from the $118,055 interest that would have been paid without debt consolidation you are looking at $24,735 in interest savings just over five years. Your monthly payment will be reduced and you may even be able to negotiate with the lender to cover additional costs like, appraisal and legal fees.

Example #2

After Debt Consolidation

Debt / Expenses

Interest Rate

Monthly Payments

Interest in 5 Years

Total Debt

$610,000           

$0

$0

Penalties*

$9,000

$0

$0

Appraisal

$300

$0

$0

Legal Costs

$700

$0

$0

New Mortgage Loan

$620,000

3.25%

$3,015

$93,320

* Penalties can be avoided by consolidating debt at the time of your mortgage renewal.

Pay your mortgage with the savings


When you convert all your high interest debt into a low interest mortgage, you can be mortgage-free faster! In example #3, the client used the money they saved on interest, to reduce the amortization period from 25 years to under 17 years by simply increasing their monthly payment by $750. The client will save $100,845 only on interest!


Example #3


After Debt Consolidation

New Mortgage Loan

Interest Rate

Monthly Payments

Mortgage Paid In

Total Interest Amount Paid

$620,000

3.25%

$4,000

16 years, 6months

$183,300

$620,000

3.25%

$3,015

25 years

$284,145

After Debt Consolidation

Example #4


After Debt Consolidation

New Mortgage Loan

Interest Rate

Monthly Payments

Mortgage Paid In

Interest Amount Paid

$620,000

3.25%

$5,075

12 years, 4 months

$82,975

$620,000

3.25%

$3,015

25 years

$284,145

If you are comfortable with the current payments, you can keep them the same and still refinance. In Example #4, by keeping the payments unchanged $5,075 same as before Debt Consolidation, the client could have paid their mortgage in 12 years, 4 months and save $201,170 after refinancing!

Apply for a Refinance

Before you decide whether debt consolidation is the best option for you, add up your monthly payments including your mortgage, loans, lines of credit and credit cards. Divide the total amount by your gross household income. If the quotient is greater than 0.50, there are a variety of refinancing options available to you. If you fall below 0.50 a refinance may be risky, but there are a number of ways the professionals at DLC First Pacific Mortgage can help you save money.

To be approved for this debt consolidation program you must be a homeowner and have a minimum of 20% equity in your property. If your credit is less than stellar consolidating debt can be complicated, so knowing your options is essential. Let a trusted advisor at DLC First Pacific Mortgage show you how to rebuild your credit and find the right consolidation loan for you.

DLC First Pacific Mortgage brokers are independent and dedicated to providing you with services that meet your particular needs. Don’t let bad credit or bankruptcy deter you. With access to hundreds of lenders, even if your credit history is imperfect, we can help you get your finances back on track!

Now is the time to find out if debt consolidation is the right choice for you. Complete our online refinance application and let us help you get started. At DLC First Pacific Mortgage, we simplify the borrowing process and clarify the fine print. We are here to support you and many of our services are free of charge.