Mortgage Blog

Getting you the mortgage you deserve

Is consolidating your debt into your mortgage a good idea?

November 29, 2019 | Posted by: Ask Ana Cruz

If you are struggling with multiple loans, credit card and other debt, you may have thought about debt consolidation or debt restructuring. 

You’ve probably thought “is this a good idea?” 

The truth is it depends and so here are some pros and cons of debt consolidation. 

When debt is mounting and you feel like you are spiralling out of control, you will find peace in the benefits

  • -One simple monthly payment 
  • -A smaller payment as a whole monthly, when you add up all the monthly debt
  • -A lower interest rate, ensuring that more money goes towards the principal instead of the interest each month

However there is also a downside to debt consolidation that you should consider.

  • -Your credit cards will all be empty once we consolidate everything; so you need to be careful and control your spending so that you don’t end up in the same place again.
  • -If you don’t set up a budget, you can use the lower consolidation payments as an excuse to overspend and repeat the past. 

Is debt consolidation right for you? 

If you are looking for a lifeboat or you are looking for the 'restart' button, this is the right place to start. 

You will be able to simplify your finances with a more affordable monthly payment and work towards paying off your debt faster than if you didn’t consolidate it. 

The key to making all of this work is to start with a monthly budget and stay true to it. 

Lastly, I want to make sure that I’m clear on this one point. Consolidation is not a bandage for poor financial habits. I understand that everyone has a different reason for consolidating. Sometimes life gets out of control, other times things happen. It’s  important to ensure that you are committed to keeping future debt under control.

I am happy to help you with a monthly budget template to help get you back on track. 

Now that you have read this far and think that consolidation is right for you or you want to discuss further, give me a call or drop me an email and I’m happy to review your numbers with you. 


Mortgage Broker, Ana Cruz and her team have two offices to better serve you 651 Fennell Ave East, Hamilton  and 5063 North Service Road, Suite 200, Burlington 

 Ana can be reached at 905.870.0513 or you can email her at

Want to hear what other people are saying about Ana Cruz, Mortgage Broker with Mortgage Architects? Click here  

Buying a property? Refinancing a property? Renewing a mortgage? Click here to apply 

If you would like to book an appointment to meet with Ana Cruz, please click here   


Back to Main Blog Page