Turn several high-rate balances into one payment
Use the equity in your home to pay off credit cards, loans and tax arrears, then make one lower monthly payment. We compare a refinance, a second mortgage and a line of credit, and show you which costs less.
How consolidating with equity works
Consolidating means using the equity in your home to pay off higher-rate balances, such as credit cards, car loans, lines of credit and tax arrears. Those accounts are paid out, and you are left with one monthly payment at a lower rate.
There is more than one way to do it. A refinance replaces your mortgage with a larger one, a second mortgage sits behind the one you have, and a home equity line of credit lets you borrow what you need. We compare all three for your situation and show you the full cost of each before you decide.
Apply TodayYour high-rate balances are paid from the blue portion, the equity above what you still owe. How much you can use depends on your home value and your lender.
Why homeowners consolidate with equity
When several payments at card rates are taking up your month, one payment at a mortgage rate is often the simpler path.
One payment to track
Several due dates, rates and statements become one monthly payment. Easier to budget, and easier to stay on top of.
A lower rate on what you owe
Equity-backed borrowing usually costs less than credit card rates, so more of each payment goes to the balance itself.
Approved on your home
We look at the equity in your home first. Self-employed income and past credit bumps do not close the door.
What homeowners consolidate
Most high-rate balances can be rolled into one payment. Here is what Ontario homeowners bring to us.
Credit card balances
Pay off cards charging high interest and replace several minimum payments with one lower payment.
Car and personal loans
Fold vehicle and personal loan payments into the same single payment, often at a lower rate.
Tax arrears
Clear what you owe the Canada Revenue Agency and stop arrears and interest from building.
Unsecured lines of credit
Move a higher-rate line of credit onto your home equity, where the rate is usually lower.
How it works
Three simple steps from application to one payment.
Apply online
Share a few details about your home and what you owe. It takes minutes and does not affect your credit score.
We compare your options
A Lighthouse specialist reviews your equity and shops our full network for the lowest-cost way to consolidate.
Your balances are paid out
Once approved, your high-rate accounts are paid off, often in as little as a few days, and one payment remains.
Consolidate or another option?
A quick look at how consolidating with equity compares with two other paths, so you can weigh them side by side.
| Consolidate with equity | Keep paying cards | Consumer proposal | |
|---|---|---|---|
| Number of monthly payments | One | One per account | One, through a trustee |
| Interest on your balances | Usually lower | Stays at card rates | Settled through the proposal |
| Uses your home equity | Yes | No | No |
| Effect on your credit file | Can help as balances drop | Depends on balances | Noted on your file for years |
| Best fit when | You have equity to borrow against | Balances are small | There is little or no equity |
How much could you consolidate?
Move the sliders for a quick estimate of the equity you could use to pay off high-rate balances, then apply for your exact number.
What Ontario homeowners say
See how Lighthouse Lending has helped Ontario families use their equity.
"After explaining our situation, Kristen found a way to save us thousands. Positive, professional and kind the whole way. Life changing!"
"Fantastic to deal with and very helpful at times when life can feel stressful over finances. I really appreciated the care they put in."
"Matthew was wonderful to work with. Calm and collected, and handled everything with professionalism and integrity. Highly recommend."
Consolidation questions
Everything you need to know before you apply.
You borrow against the equity in your home and use those funds to pay off your higher-rate balances. The cards, loans or tax arrears are paid out, and you are left with one monthly payment, usually at a lower rate than credit cards.
It depends on your current mortgage rate, any penalty to break it, and how you prefer to repay. If your first mortgage rate is low, a second mortgage or line of credit can leave it in place. We compare all three and show you the total cost of each, including over a longer term.
It depends on your home value, how much you still owe, and your lender. As a rough guide, banks and typical lenders allow up to around 80% of your home value across all mortgages combined, and some lenders go higher. We give you an exact number once we review your situation.
Often, yes. We approve on the equity in your home first. Self-employed homeowners, non-traditional income, and past credit bumps are all welcome. That is the difference between a broker and a bank.
It can help. Paying off card balances lowers how much of your available credit you are using, and one on-time payment is easier to keep up with than several. Every credit history is different, so we never promise a specific score.
Put your equity to work on one payment
Apply in minutes and get a clear answer fast. No pressure, and no impact on your credit score to see what you qualify for.