Turn five debt payments into one.
Own an Ontario home? Your equity could clear credit cards, loans, debt collectors and CRA debts. See where you stand in 60 seconds.
Aleks IankoulovMortgage Broker, Mortgage Alliance
Do you own a home in Ontario?
Answering these questions does not affect your credit.
Consolidating can help rebuild your credit.
Clearing high-interest balances improves the things your credit score is built on.
What helps it climb
Card balances drop to zero
How much of your available credit you use is one of the biggest parts of your score. Paying cards off typically boosts your score almost instantly.
One payment, made on time
Payment history matters most of all. One payment a month is far easier never to miss than five.
A consumer proposal paid out sooner
Paying out a proposal early through a refinance can get it off your credit report sooner.
See what one payment could look like.
See how much you could save each month by consolidating your debt into your mortgage. Slide to choose your debt amount and see your potential monthly savings.
Estimated minimum monthly debt payment
$1,800 /mo
Consolidated debt payment portion
$420 /mo
Potential monthly savings
$1,380
This calculator is for illustration only and does not represent a mortgage quote, offer, or guarantee of savings. Current debt payments are estimated at 3% of the outstanding balance, while the mortgage payment reflects the estimated additional payment to consolidate that debt. Your actual rate, payment, qualification, and savings may differ. While consolidating debt may reduce your monthly payments significantly, extending repayment amortization over a longer period can result in paying more interest overall.
What happens after you answer.
- 1
Tell us the basics
Six quick questions about your home and your debts. No documents and no credit check.
- 2
Aleks calls you
A real conversation about your numbers, and a plain answer on which lenders fit your situation.
- 3
Your debts get paid out
If you go ahead, your creditors are paid directly when the new mortgage closes. You are left with one payment.
The bank said no. That is where we start.
Turned down by your bank
Banks work from one rulebook. Alternative lenders look at the equity in your home and your whole story, not only a score.
In a consumer proposal, or just finished one
Some lenders will pay a proposal out early through a refinance, which can let you start rebuilding sooner.
Behind with the CRA
Tax arrears can often be cleared when the new mortgage closes, so the balance stops growing.
Self-employed or paid irregularly
There are lenders who accept bank statements and other ways of showing what you really earn.
What clients say about Aleks.
5.030 Google reviews
You will talk to Aleks, not a call centre.
Aleks Iankoulov is a Mortgage Broker with Mortgage Alliance, working for you and not for the banks. One conversation, plain language, and an honest read on what is realistic for your situation.
- Role
- Mortgage Broker
- Studied
- Economics and Data Analysis, Brock University
- Lenders
- Over 60, including some only brokers can reach
- Languages
- English and Bulgarian
Mortgage Alliance, Brokerage Licence #10530 (Ontario)
Straight answers.
Will answering these questions affect my credit score?
No. The questionnaire is not a credit application and nothing is pulled from your credit file. A credit check only happens later, with your permission, if you decide to apply.
Can I consolidate with bad credit or a consumer proposal?
Often, yes. Alternative and private lenders put more weight on the equity in your home than on your score. Aleks will tell you plainly whether there is a realistic path.
How much can I borrow?
Most lenders allow a refinance up to 80% of your home's value, minus what you still owe on it. The questionnaire gives you a rough figure in about a minute.
What does it cost?
With bank-style lenders, the lender usually pays the broker, so there is often nothing to pay out of pocket. Where an alternative or private lender involves fees, you see them in writing before you commit to anything.
Do I have to break my current mortgage?
Not always. Depending on your rate and the penalty, a second mortgage behind your existing one can make more sense. Aleks compares both for you.
See what your equity can do.
Six questions, about a minute, and no effect on your credit.