Debt consolidating home equity finance
You would then have two mortgages: your first mortgage and a second mortgage which could be the debt consolidation home loan.
If this is something you're interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you.
Sometimes if you have bad credit, it might be difficult to get a debt consolidation loan, so using home equity could be another possibility.
Check with a Credit Counsellor to make sure that you choose the right option.
The term "debt" comes from "dette, from Old French dete, from Latin debitum "thing owed," neuter past participle of debere "to owe," originally, "keep something away from someone," from de- "away" (see de-) habere "to have" (see habit (n.)). The -b- was restored in later French, and in English c. 1660." In the King James Bible, various spellings are used; the spellings "detter [are used] three times, debter three times, debtor twice and debtour once." Interest is the fee paid by the borrower to the lender.A home-equity loan, also known as an "equity loan," a home-equity installment loan, or a second mortgage, is a type of consumer debt.It allows home owners to borrow against their equity in the residence.Debt is money owed by one party, the borrower or debtor, to a second party, the lender or creditor.The borrower may be a sovereign state or country, local government, company, or an individual.