This is determined through a number of factors including your original mortgage contract date and current mortgage balance and rate.

Ratehub.ca’s debt consolidation calculator will start by showing you how much equity you have available to consolidate your various loans.

If you were unable to make your mortgage loan payments, the bank has a claim on your house, and this makes your loan less risky.

In order to determine if you can consolidate debt into your mortgage, you start by determining how much available equity you have.

What types of debts can be covered by a debt consolidation?

Generally, anything where you've incurred a debt that needs to be paid off over time - credit card bills, auto loans, medical bills, student loans, etc.

What you can't roll into a consolidation loan are ongoing bills and debts - the type where you incur new charges every month, such as gas, electric, cable TV, Internet, phone service, rent and the like.

However, if you've fallen behind on any of these and need to get caught up, you may be able to pay off your past due balances with a debt consolidation loan.For an exact penalty calculation, contact your lender directly.Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance.This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments.Mortgage loans come with the lowest interest rates because they are securitized; or in other words, they are backed by an asset – your home.We will then show you your total interest savings potential from a consolidation and also highlight the cost of refinancing your mortgage.