Debt Consolidation: why and how much I can borrow

The debts you have to reimburse can sometimes become a burden too hard to bear.

• Are you having a hard time making ends meet?
• Do several debts with different lenders make your monthly payments go up?
• Are your lenders’ interest rates too high?

Your property could help you get out of an unbearable debt situation. Get in touch with your Multi-Prêts Hypothèques broker today. You may be able to use your property’s value to get out of debt. Throughout the years, our specialists have helped homeowners in the West Island, Ville Lasalle, Vaudreuil Soulanges area and on the North Shore of Montreal get the most money at the best rates on the market.

Is debt consolidation a good idea?

In general, a debt consolidation loan allows the borrower to have access to money that will be used to pay off all his/her debts so that there is only one lender left to reimburse. This lightens the financial burden of the borrower who no longer cumulates different interest rates and payments. The borrower can then balance the family’s budget and breathe a little thanks to a single loan at a good rate.

It is always best to pay off you debt as fast as possible. But when it is not possible, the best thing to do is to pay all your lenders using a loan at the lowest possible interest rate. This way, you avoid paying huge sums of money in interests and other penalties.

How much does it cost?

In most cases, there are no fees when someone asks a Multi-Prêts Hypothèques broker for a debt consolidation loan. There may however be some exceptions (very rarely) if the financial situation of the borrower has deteriorated to the point where exceptional measures are required (payments that are long overdue, excessive debt, recent or successive bankruptcies, etc.).

It is important that you be aware that a bad credit score will affect your ability to secure financing. If making ends meet every month is hard, you must take action as soon as possible so that your situation does not worsen.

Contact a Multi-Prêts Hypothèques mortgage broker today to have your financial situation evaluated and receive great (and free) advice on the best solutions for you and your family.

How much can I borrow?

It is generally possible to borrow up to 80% of the value of a 1 to 4-appartment property. Take a few minutes to sit down with your Multi-Prêts mortgage broker and talk about your borrowing capacity. Several variables have to be taken into consideration when calculating how much you can borrow (ability to repay, value of the property, accumulated debts, etc.).

Your Multi-Prêts broker will help you sort everything out and will tell you what is the maximum amount you can borrow against your property.

FIXED RATE

Current rates as of
Mortgage product	Posted rates
5 years variable	6.70 % *	5.75 %
1 year	6,79 %	5,99 %
2 years	6,59 %	5,74 %
3 years	6,44 %	5,19 %
4 years	6,34 %	5,14 %
5 years	6,34 %	4,79 %
6 years
7 years	7,00 %	5,39 %
10 years	7,49 %	5,89 %
*Represents the Prime Rate. Some conditions apply, subject to change without prior notice.