Debt consolidation

Debt consolidation: pay less
interest thanks to Multi-Prêts

  • Are you over-indebted?
  • Do you have several credit cards that are unpaid at high interest rates?
  • Do you have a personal loan that is expensive?
  • Do you juggle with different creditors, complicating your personal accounting?

Consolidation (or consolidation) of debts can be advantageous for you!

Serving the boroughs of the North Shore and Laval, Victor Hugo Pereira’s team will help you borrow money from a single financial institution so that you can finally pay off your debt. Specifically, this can be accomplished by increasing your mortgage to borrow up to 80% of the equity in your property.

Your debts do not automatically disappear: they are spread over several years at a favorable interest rate, making them more manageable.

Save big with Multi-Prêt

While the interest rates of personal loans or credit cards can be as high as 15%, mortgage loans vary from 2% to 5%. Start saving now: call us today.

The benefits of debt consolidation

  • You will most likely get a lower interest rate than what you currently pay, as mortgage rates are much lower than credit cards.
  • You will improve your credit rating because you will quickly pay back your current creditors.
  • It will be easier for you to manage your portfolio because you will now have only one creditor.

Am I eligible?

To qualify for debt consolidation, we will submit your application to different financial institutions which will consider three critical criteria: your credit history, the net worth of your property and your personal income.

Are you afraid that your application will be rejected? You are not alone. This solution is often offered to people who suffer from over-indebtedness. Our role is to find a solution for you.

Can I opt for debt consolidation via a mortgage if I do not already have a mortgage?

Yes and no. Someone who has owned a home for a few years and makes mortgage payments every month will have a good chance of being able to increase their mortgage loan for debt consolidation.

On the other hand, things can get complicated for someone who is about to buy a home and wants to make a large mortgage loan to consolidate their debts.

That is why it is advantageous to use a mortgage broker to analyze your file and specific needs. Our mortgage brokers at Multi-Prêts in Laval work with a multitude of financial institutions to increase your chances of being eligible for debt consolidation through a mortgage.

Multi-Prêt’s Victor Hugo Pereira ensures your financial health

Although debt consolidation is a solid choice in most cases, we remind you of two rules to follow regarding this practice:
  1. Do not opt for long-term depreciation to pay your consumer debts: the interest you have to pay over the years will be too costly.
  2. Split your mortgage in two: choose a long term (20 to 25 years) for the first part and a shorter term (between 5 and 7 years) for the second part.
Contact us today for more free advice.