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Approved! Refinance in Waterloo, ON for debt consolidation

We refinanced this owner-occupied property in Waterloo for debt consolidation and extra monthly cashflow.


  • 30-year amortization
  • Pension Income
  • Deal approved at 38.61% LTV
  • 2-year closed
  • Waterloo, ON



Our clients, a long-time married couple, want to refinance their owner-occupied three-storey home in Waterloo, ON.

One of the clients had a 20-year career in sales that ended abruptly 8 years ago due to medical issues. His wife was downsized and stayed off work to care for their grandson for two years.

In addition to medical expenses and cost of living increases, this situation created a surge in their debt load. Rising interest rate compounded their financial problem leading to lowered Beacon scores.

Now, they’re both back to work!


The couple sought to refinance their home to consolidate their first and second mortgages and $68,000 in debt.


Our team reviewed the couple’s financial profile and considered the pension income, sustainable full-time employment income and the property’s marketability to qualify these clients with a 30-year amortization.


This debt consolidation will increase cash flow in the home by over $1,300 per month, lower our client’s interest rate and generate a cash out of $32,500 for closing costs and fees.

They’ll start a new life chapter with new employment, working toward credit rehabilitation and living debt free!


Alternative lending has been on the rise in Canada in the current market.

While 5-year fixed mortgages used to be the preferred option for borrowers, they’re currently gearing towards shorter one-, two-, or three-year terms due to the nature of the current high-interest rates.

Clients do not want to be locked in a high-rate 5-year mortgage, as they hope that rates drop in the next 12-18 months and they’ll be able to secure a lower rate.

Five-year fixed-rate mortgages now account for less than 15% of new mortgages, with variable-rate mortgages – which became popular during the low rates during the pandemic – dropping below 20% of new mortgages in 2023.

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