What is Debt Consolidation?
Debt consolidation is a form of debt refinancing where individuals can take out one loan to pay off many other debts. This will make it so that there will only be one loan for all current debts, often at a lower interest rate.
Borrowing from the equity in your home often eliminates the cost of carrying higher-interest debt balances that take longer to pay down. A new consolidation loan with a single monthly payment will often relieve monthly household expenses and make your debt easier to understand and pay off.
How we can help
At Canada West Mortgage, we offer debt consolidation using the equity that you have in your home or property to simplify your debt payments and lower your interest rate. If you own your own home or commercial property, we can help you access the equity that you have accumulated over the years to repay other outstanding debt. We look at all credit profiles and income sources to easily approve you for a debt consolidation loan.
Apply Online
Easily apply for financing online
Submit Documents
Review, sign and deliver application documents
Get Approved
Receive approval today
Who can qualify?
Property - Our primary factor that we take into consideration when approving for debt consolidation is if you own a residential property, land, or a commercial building.
Equity - In order to access the equity in your property, your home, land or building must be worth more than the remaining mortgage amount.
Credit Score - We specialize in approving individuals of all credit backgrounds and financial circumstances including bad or no credit.
Call UsEmail UsFrequently Asked Questions
How can I pay off my debts?
Times can be challenging and debt can continue to grow larger. By taking out a loan, you will be able to repay all your various debts such as high rate credit card debts. After paying off these debts, you will only have one simple loan to repay.
How do I apply?
You can easily apply online by filling in the form located above
How soon will I be approved?
You will approved the same day you apply, as we know you need access to funds in timely manner
I don’t own a property. Can I still apply?
Debt consolidation with Canada West Mortgage requires that you own a property to access its equity
When will I receive the funds?
Upon receipt of your signed documents upon approval, funds will be paid out within 24-48 hours
How does repayment work?
With debt consolidation, your replacement loan with be the only loan you will be repaying. To determine a repayment plan, we look at your financial needs and goals to find a solution that works for you.
