Debt Consolidation Additions – New

Debt Consolidation: The Facts & Your Options

Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off others. Usually, the one loan is lower interest which saves you money. And having one single monthly payment is often easier to manage, and less stressful.

If you’re feeling overwhelmed by bills and multiple debts, consider debt consolidation.

Debt Consolidation is not combining loans – as each loan has its own interest rate and repayment terms. Debt Consolidation is obtaining a new, larger loan and then using it’s funds to pay off all the smaller loans you wish to consolidate. Edmonton’s low-rate, real estate secured lending is a wise way to consolidate multiple debts, and our mortgage team offers ways for clients to do so.

The Benefits of Debt Consolidation

One of the main benefits of acquiring a Debt Consolidation Loan is simplicity: not requiring to keep track of all your different lenders and repayment requirements – you’ll have just one monthly payment.

Oftentimes, people also find that overall, their monthly payments are reduced as you may be paying off high interest debts with the lower rate of your consolidation loan. By cutting down on the amount you’re paying at the end of each month, you’ll have a better cash flow. You may even find that you can pay off the loan in a shorter time frame by making larger payments on a lower interest loan. Because, you only have one payment, this leads to less stress.

With the significant appreciation in housing prices over the past decade, many Canadians are taking advantage of low interest rates and lender refinance programs. You may be surprised by the amount of money you can save.

Are There Any Debts I Can’t Consolidate?

Consolidation Loans are primarily for what is referred to as Consumer Debt – small personal loans, credit card or overdraft balances, even bills. Mortgages and your line of credit are not recommended for debt consolidation.

While you may be able to include your student loans in a consolidation loan, you may miss out on more cost effective repayment options. Student loans are offered at a very low interest rate, so we do not recommend consolidating your student loan debt.

It’s best to speak to a financial advisor before making any long term financial decision as they’ll have detailed up-to-date information on current lending rules and regulations. Contact our debt refinancing team in Edmonton today to consolidate your debt, fill out our online application.

Will I Qualify for a Debt Consolidation Loan?

In order to qualify for a debt consolidation loan, you’ll need to have an acceptable credit rating and proof that you have sufficient income to cover the cost of your monthly expenses in addition to your new Consolidation Loan payment.

With that in mind, a blemished credit rating will diminish your ability to secure a Consolidation Loan, therefore, it’s better to act sooner rather than waiting until your credit rating is too low to qualify.

If you’ve been considering a Debt Consolidation Loan, but want to explore your options to ensure you make the right decision for you – contact The Mortgage Force Team Today! Drop by our office on the south side of Edmonton to speak with one of our mortgage specialists.


“Jody worked around the clock to get me the best rate around. She helped me through the whole process. Would highly recommend to anyone.”


Jody and her team were a great help in finding the best mortgage for us. really appreciate the work they do for the client.

Kurtis Briscoe

“I love dealing with the mortgage force team! They are informative, answer any questions I have and guide myself and my clients through the process. They make things so easy!”


“I had a great experience dealing with this company. I was especially thankful that they were able to provide me with a mortgage education. They were also able to get me a better rate with my own bank than I was.”

Judy L.

“When I was asked to do a testimonial, and I was so excited to share my experience. I learned a ton, and felt so involved in the process! I can’t say enough good things about the Mortgage Force Team”

Janice K.

“Great group of people. I can really tell they’re looking out for their clients”

Barry R .

“Being a single mom with rent, groceries, and all the living expenses to cover, I was not able to save up any down payment. Jody was actually able to put me in a program which allowed me to borrow my down payment from the line of credit I had. Thanks to her, I took possession my new condo on Nov 11, 2015”

Kelsey N.

“I wanted to thank them for getting us in the home of our dreams. Its rare these days to experience such quality of genuine care and service. Thank you”

Preet S.

Contact DLC's Mortgage Force Today!

Speak to one of our mortgage specialists today!
Call 780.466.9898

We’re here for you. Take the first step! Apply Now!