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What are my options to refinance my mortgage and consolidate other bills?
The minimum amount you can increase your mortgage is $20,000. Debt consolidation is the process of combining various different debts into one loan. You can increase your mortgage and consolidate other debts in two ways:
1. You may be able to keep the same interest rate and remaining term of your mortgage by blending the interest rate of the original mortgage with the interest rate for the new mortgage. The new interest rate will be calculated so that it reflects the amounts under each rate
2. Another option is to discharge your existing mortgage, pay any prepayment charges for the early discharge and set up a new mortgage.
To learn more about increasing your mortgage, please contact our Mortgage Specialists at 1-866-222-3456 (option '2') or visit your TD Canada Trust Branch. Mortgage Specialists are available Monday to Friday 8 AM to 10 PM, Saturday & Sunday 10 AM to 6 PM (Eastern Standard time).
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Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.