Debt Consolidation Refinance

Bank-Alternative ("B") Mortgage Solutions for Real People in Ontario

Combine your high-interest debts into one lower monthly payment.

If you have many debts, it can feel stressful.

Credit cards and loans often come with high interest rates. Typical credit cards have 21-22% interest rate. This makes it hard to pay them off and move forward financially.

A debt consolidation mortgage is a Mortgage Solution that allows you to combine your debts into one simple payment.

You will need at least 20% equity in your home.

Who This Is For

People drowning in high interest debts
People with 2nd or 3rd mortgages
People with cash flow problems
People managing multiple monthly debt payments

Why Banks Say No

Banks may decline if:

* Debt levels are too high and above their strict guidelines

* Credit score has dropped below their credit score requirment

* Income level does not meet their rules

Even if consolidation would help, banks may still say no.

How Alternative B Lenders Help

Alternative B Lenders offer flexible Mortgage Solutions.

They focus on:

* Your ability to manage payments

* Your home equity

* Your full financial situation - use common-sense approach

With 20%+ equity, many homeowners can qualify even if banks decline.

Bank vs Alternative B Lenders vs Private Lenders

Banks:

* Strict debt levels

* Lower rates

* Hard to qualify

Alternative B Lenders:

* Flexible Mortgage Solutions

* Accept higher debt levels

* Accept lower credit scores due caused by high debt load

Private Lenders:

* High interest rates

* High Fees

* Short-term solutions (1 to 2-Year max)

Real Example

A homeowner had:

* $49,000 in credit card debt

* Interest rates between 19% and 24%

* Monthly payments over $1,470

With a Mortgage Solution through an Alternative B Lender:

* Debts were consolidated into the mortgage

* Monthly Cash flow improved right away, she is managing $1200 less a month in payment

* Annual interest savings of $8,330

Long-Term Plan

This Mortgage Solution helps you reset your finances.

Over time, you can:

* Actually pay down your debt

* Improve your credit score

* 'Graduate' to a 'bank' mortgage and refinance to a lower rate

Common Mistakes to Avoid

Waiting too long to act, and your credit score decreases
Only making minimum payments or interest payments
Taking on new debt after consolidation

Why Work With a Mortgage Broker who specializes in debt consolidation refinances?

There are costs to consider for refinancing like legal fees, penalties, lender and broker fees, appraisal etc.

A broker who specializes in cashflow and debt management can:

* Show you the cost vs savings of refinancing

* Weigh out the benefit of setting up a 2nd mortgage (if applicable) to consolidate debt vs breaking your 1st mortgage

* Create a 12-24 month plan to move you back to A

* Help you avoid costly mistakes

Apply Now

Get Pre-Approved in 30 Seconds Or Less!

Complete Your Purchase Application Now!

Explore Your Renewal or Refinance Options Today!

Frequently Asked Questions

What’s the benefit of using a mortgage broker instead of going to my bank?

Banks can only offer their own rules, products, and rates. As brokers, we work with 50+ lenders —so we can shop around for the option that fits your situation, not just one bank’s box.

Why choose Mortgage Wars?

We specialize in non-traditional/Alternative “B” lending. Over the years, we’ve built strong relationships with alternative (and private) lenders and a deep understanding of their products and guidelines. That lets us structure your file the way lenders want to see it—turning real-world situations into real approvals.

What’s the difference between Prime (A), Alternative (B), and Private mortgages?

Prime (A): Bank-type mortgages for people with verifiable income and clean credit.

Alternative (B): For good borrowers who don’t quite fit bank rules—often self-employed or recovering from past credit issues.

Private: Funded by Mortgage Investment Corporations (MICs) and private investors with flexible guidelines—used when A or B won’t work; rates and fees are higher because risk is higher.

Do I really need 20% down or equity for “Alternative (B) Solutions”?

Yes. For purchases you’ll need at least 20% down; for refinances/debt consolidation/equity take-outs you’ll need at least 20% home equity. If you’re unsure where you stand, ask—we’ll run the numbers with you. Reverse Mortgages have higher requirements.

What rate will I get with an Alternative (B) Lender?

Alternative (“B”) rates are based on your full profile—property, equity, income, credit, and purpose. They’re typically around 1% above big-bank rates and well below Private. Reverse mortgages are around 2% higher than regular rates. We’ll shop lenders and present a clear written commitment with your rate, terms, conditions, and all fees so you can decide with confidence—no surprises.

What fees should I expect?

Prime (A) deals: No Broker Fee (lender pays us).

Alternative (B) deals: Expect a 1.0% Lender fee and we charge a flat Broker Fee of $1500 . Other brokers who specialize in Alternative Lending charge on average a 1.0% Broker Fee. Reverse Mortgages have NO Lender/ Broker Fee.

Private deals: Start around 2.0% Lender fees. We charge a flat Broker Fee of $3000, regardless of the size of the mortgage.
*** You’ll also have standard third-party costs like the appraisal and legal fees. We’ll disclose everything up front before you decide.

How fast can I get approved?

Once we submit a complete application, approvals often come back within 24–48 hours. Complex files can take longer, but we’ll set expectations right away.

What is the application process?

Step 1 — Strategy Call
We book a quick virtual strategy call to understand your goals, timeline, property details, and any constraints. We’ll outline the best path and what lenders will look for.

Step 2 — Application & Documents
After the call, we send a secure online application. You submit it and e-sign consent so we can review credit and share information with lenders as needed. You’ll also upload the initial documents (ID, income documents, proof of down payment, and—if refinancing—your mortgage statement/property tax). We’ll give you a simple checklist.

Step 3 — Approval & Appraisal (if required)
We shop lenders and obtain a written commitment outlining rate, term, payment, and conditions. We review it together and, if you’re happy, you e-sign to proceed. If an appraisal is required, we order it at this stage and handle any lender follow-ups.

Step 4 — Lawyer & Funding
The lender instructs an approved real-estate lawyer of your choice. You sign the final mortgage documents (in-office or virtually, where available) and funds are released on completion.