Current Variable Rate
5.55%Current Prime Rate
6.45%
Terms | Bank Rates | Our Rates |
|---|---|---|
6 Months | 6.59% | 5.99% |
1 Year | 6.09% | 5.99% |
2 Year | 5.79% | 5.74% |
3 Year | 5.79% | 5.09% |
4 Years | 6.09% | 5.24% |
5 Years | 6.34% | 4.79% |
7 Years | 6.60% | 5.84% |
10 Years | 6.85% | 5.99% |
Debt ConsolidationOnly make a single, lower payment
Debt ConsolidationOnly make a single, lower payment
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A debt consolidation mortgage lets you switch all your existing borrowing onto one loan, so you only need to make one monthly repayment to one lender as opposed to separate repayments with varying interest rates, terms and separate lenders.
, home equity loan or line of credit.
Why consolidate debt into a home equity loan?
Home equity is the difference between the value of your home and the remaining mortgage balance. Your home equity increases as you pay off your mortgage and as your home goes up in value.
You can use your home equity to get a loan or line of credit, which, like a debt consolidation mortgage, combines your debts into one payment.
For home equity loans, the lender uses your home as security. Interest rates on equity lines of credit are lower compared to other loans. You get a higher credit limit, which is useful on higher interest loans. On a home equity line of credit (HELOC), you can get a maximum of 65% of your home’s appraised value. The more equity you have in your home, the more money you can borrow.
Generally, you pay interest on the money you use, not on your total credit limit. Interest rates fluctuate depending on market conditions, so your payments could go up. As long as you pay the minimum payments, you can make multiple payments without penalty. Fees apply, such as appraisals, title search, title insurance and legal fees.
Our Rates
Compare our rates to the banks and see why the GTA Mortgage Centre is the wisest choice.
Please Note: Advertised rates are not guaranteed. The rate provided by any financial institution listed, or any approval or decline you receive, will be based solely on your personal situation. Rates may vary from Province to Province and are subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. The advertised rates are provided as guidance only and the accuracy of these rates is not guaranteed. You are encouraged to speak with a GTA Mortgage Centre Specialist for the most accurate information and to determine your eligibility. *O.A.C. & E.O.
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