Abbotsford Mortgage Broker | Robinson Mortgage

Consolidation Mortgage Guide

A guide to help you through the process of consolidating your debts and simplifying your financial situation. If you're ready to start your online application, click the button below.

Start my online application

Mortgage consolidation solutions to see you through a period of financial uncertainty

When it comes to our finances, we all have the best intentions. But sometimes life circumstances change. Things happen, and our debts outpace our ability to pay them down. Perhaps you have multiple credit cards, or vehicle payments, or kids in school. Maybe you’re lacking a reserve fund of cash to help you through periods of greater spending.

Whatever your situation, Robinson is here to help. We’ve seen every circumstance, and we want you to know that you’re not alone. Everyone goes through periods of financial uncertainty. Though it can feel overwhelming and stressful, we have solutions to help you through.

Streamline your debt with a consolidation mortgage

Robinson Mortgage, based in the Fraser Valley of British Columbia, can help guide you through the refinancing process to consolidate your debt into a single payment. Streamlining your debts is a great way to simplify what you owe, eliminate your higher interest rate debts quickly, and work toward improving your credit score and financial health.

Got questions? Reach out anytime. We’re here to help.

Consolidation Mortgage Guide FAQ

How does debt consolidation work?

All your debts are consolidated and your highest interest debts are paid off. Because the high-interest debts are gone, your single, streamlined payment, which includes your mortgage, is often less than the combined amount you were previously paying. Your monthly payment includes both the principal and interest on your loan. This means you are steadily paying down the debt you owe, whereas previously you might have only been paying off interest payments, meaning your debt continued to increase.

We’ll also recommend you aim to build up an emergency fund, should your life situation warrant it in the future.
Once my credit card debts are paid, will my cards be cancelled?

No. It’s better to keep using the cards, and keep paying off your balance each month, to steadily improve your credit rating. That will help you achieve better mortgage or lending rates in the future.
What impact will a debt consolidation mortgage have on my credit score?

It will improve it. By refinancing and paying off your high interest debts, you are left with a lower interest mortgage. Before, if you were only making minimum payments, it’s likely that the size of your debt was growing each month. WIth a debt consolidation mortgage, your single payment will go toward the principal and interest. This will lower your debt over time, and help improve your credit score.
Will we pay off all my debts through a consolidation mortgage?

Not necessarily. Very low interest loans, such as a zero interest car loan, may not be paid off immediately. We’ll look at every option and choose a strategy with the best savings for you.
Can I get a consolidated mortgage for an amount greater than my current debts?

Yes. It’s best to think ahead now, as we seek a consolidation mortgage, instead of piling up credit card debt later. The interest rate on your consolidation mortgage should be far lower than credit card rates. You might want to consider possible near-term expenses such as home renovations, vehicle needs, as well as adding funds to your TFSA, RRSP and emergency funds.
Are there any out-of-pocket costs?

Often the only out-of-pocket cost for a consolidation mortgage is the appraisal fee, which can be avoided or reduced much of the time. While an appraisal fee costs between $300 and $500, we typically seek approval using an online valuation, with a cost of $99. If the online valuation isn’t sufficient, and a full appraisal is required, some lenders will reimburse the cost.

Any other costs, such as a breakage fee for refinancing your in-progress mortgage, or a lawyer fee, if applicable, can come from the proceeds of your consolidated mortgaged, so they won’t involve an out-of-pocket expense.

Hear from a few of our happy customers

Val Meyer

Matt was wonderful when we were buying and selling our house. As soon as we had a place we were considering, he would crunch the numbers for us and see if it was doable or not. Hes very quick in response time and easy to communicate with. This is our second time using him and we will continue to use his services in the future. Thanks Matt!

Nico Abais

As a first-time home buyer, my first resolve was to search for information online and sure enough I find bits of information all over the place. Then we were introduced to Matt. He will answer all your questions in a timely manner and guide you with the whole process and expectations. Matt will work his way to get you the best rate!

Tash Stobbart

Robinson Mortgage were very helpful in obtaining our first mortgage. We had difficulties dealing with banks because my husband is a contractor and has multiple T4’s and his income tax is complicated but Matt and his team made it easy. I would highly recommend to anyone looking for a mortgage and in fact I have sent friends his way.

See more reviews

Expert mortgage advice is just a phone call away

Got questions? We’re happy to help. Reach out anytime or schedule a time that works for you. And we’ll help you get closer to your dream home.

Meet Matt

Robinson Mortgage is owned and operated by Matt Robinson, a professional mortgage broker based in British Columbia’s beautiful Fraser Valley. Matt has helped countless people in Abbotsford, Chilliwack, Mission and beyond navigate the process of finding financing for their home. Whether you’re buying your first place, consolidating your mortgage, or getting ready for a future purchase, Matt is your man with a mortgage plan.

Search and delight

We look through hundreds (sometimes thousands) of mortgage products — from traditional banks and credit unions to mortgage-focused lenders — to find the perfect one for you.