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2525 blv Daniel-Johnson, Laval, QC, H7T 1S9
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Fax: 514-533-0143
Homeowners at renewal — Quebec
Renewal coming up and your debts taking up too much room?
Good income, and still the feeling of never getting ahead: cards, lines of credit and loans have piled up and eat the budget every month. Renewal is the natural moment to check whether your home equity can restructure all of it.
- Mortgage coming up for renewal
- Cards, lines of credit and loans piling up
- Good income, but heavy monthly payments
- Equity available in your property
Nectarios Petropoulos, mortgage broker (licence 237338), Dominion Lending Centres National. Free, confidential review with no obligation.
Request a free review
Fill out the form and we will call you back to go over your file. No obligation on your side.
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We will contact you shortly to discuss your situation. If your request is urgent, you can also reach us at 514-999-9946.
Who this is for
Does any of this sound like you?
Consolidation is not about income, it is about structure. The same debt can cost wildly different amounts depending on how it is carried.
Too many separate payments
Five, eight, sometimes twelve withdrawals a month: impossible to see where the money goes, and every minimum payment keeps the balance alive.
Rates that hurt
Cards at 19% or more, furniture financing, a car loan: the cost of that credit dwarfs your mortgage rate.
A hard year you never caught up from
A separation, time off work, an unplanned repair: the debt built up and there was never room to clear it.
A renewal within months
You are going to sign something anyway. Worth checking whether there is more to do than roll over the existing balance.
The basics
What consolidation actually changes — and what it does not
Rolling high-rate debt into a mortgage usually lowers the total of your monthly payments, because the rate is lower and the amortization longer. But debt spread over twenty years can cost more in total, even at a better rate. Both numbers matter: the monthly payment and the lifetime cost.
So a consolidation done properly comes with a plan: what gets rolled in, what gets closed, and how fast it gets paid down. Without that, the cards fill back up and the debt returns on top of a larger mortgage. Here are the routes that can be reviewed.
Options that can be reviewed
Refinance at renewal
A larger new mortgage that repays the existing loan and the targeted debts. No penalty when it is done at the end of the term.
Home equity line of credit
An available amount secured by the property, drawn only as needed. Requires discipline, but offers flexibility.
Second mortgage
When the first mortgage rate is worth leaving alone, the amount to consolidate can be financed in second position.
Alternative (B) lender
If your current ratios no longer clear the bank grid, an alternative lender may allow the consolidation, at a higher cost and for a limited time.
In some files consolidation is not the right answer: a reworked budget, an arrangement with creditors or another measure fits better. The review says so plainly rather than forcing a mortgage solution.
The process
How the review works
A simple three-step process, at no cost and with no obligation.
We build the picture
Maturity, balance, property value, a full list of debts with rates and payments, income and credit.
We compare the numbers
Monthly payment before and after, total cost over time, fees and penalties: the comparison goes on paper.
We put it in place
If you move ahead, the financing is structured so the debts are paid directly at signing.
What changes
What the review can give you
Every file is different and no outcome can be guaranteed in advance. Here is what the review usually gives you.
- A single view of what your debts really cost, monthly and in total.
- Whether your equity supports a consolidation, and up to what amount.
- Both the monthly payment and the lifetime cost, not just the flattering one.
- A repayment plan rather than just a bundling exercise.
Who you will be talking to
A mortgage broker specializing in non-standard files
Nectarios Petropoulos is a mortgage broker with Dominion Lending Centres National and has worked with Quebec homeowners since 2016 on refinancing and consolidation files, including after a bank decline.
A broker works with several lenders: banks, alternative lenders and private lenders. The job is to compare what exists for your situation and explain the consequences of each option, including when doing nothing is the better call.
- Broker
- Nectarios Petropoulos
- Licence number
- 237338
- Brokerage
- Dominion Lending Centres National
- Office
- 2525 Daniel-Johnson Blvd, Laval, Quebec H7T 1S9
- Phone
- 514-999-9946
Frequently asked questions
Debt consolidation: your questions
Can I consolidate my debts at renewal?
Possibly. It depends on the equity available in your property, your income, your credit, the amount of debt and the lender's criteria. Renewal is the most favourable moment because it avoids prepayment penalties.
Does consolidating lower my monthly payments?
It often does, replacing several high-rate payments with one at a mortgage rate over a longer amortization. The result depends on the financing obtained, the rate, the amortization, the fees and the debts included. No saving can be promised before the review.
Does it cost more in the end?
It can, and it is the most important question to ask. Spreading $30,000 over twenty-five years is expensive in interest even at a low rate. That is why we show both the monthly payment and the total cost, and why an accelerated repayment plan usually goes with the consolidation.
Do I have to close my credit cards?
Many lenders require it for the debts being consolidated. Beyond the requirement, it is what keeps you from being back in the same place in two years with a bigger mortgage on top.
My credit has taken damage. Does that rule it out?
Not necessarily. Alternative lenders weigh equity and ability to pay more heavily. The cost is higher, usually for a term or two while the file is rebuilt and moved back to a bank.
Why look at this at renewal rather than mid-term?
Because at maturity you can change lender and restructure without a prepayment penalty. Mid-term, that penalty alone can make the whole exercise uneconomic.
Debts taking up too much of every month?
Let's use your renewal to compare the numbers before you sign anything.
The information on this page is provided for general guidance only and is not an offer of credit, a guarantee of approval, or a promise of savings. Consolidation generally extends the repayment period and can increase the total interest paid. Amounts, rates and conditions vary with your situation and are subject to review.