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.

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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.

But when you come home, you find your water heater has broken, and then you open new credit cards to pay your monthly bills.

Tackling each debt separately can be difficult, and more expensive than other options. This type of personal loan allows you to pay off your existing debts, and roll them into one new, easy to manage loan.

Some debt consolidation loans have fixed interest rates and monthly payments.

And, unlike secured loans, unsecured debt consolidation loans do not require you to use your possessions as security. Many lenders offer them, including Marcus by Goldman Sachs. This article is for informational purposes only and is not a substitute for individualized professional advice.Instead of numerous payments, you would have just one recurring monthly payment.Consolidating your debt with a personal loan could also have the advantage of a fixed rate. That said, debt consolidation doesn’t eliminate your debt. The goal is to make your debt easier to manage and to, potentially, lower your total interest payments.Enter your credit cards, installment loans and any other debt you wish to consolidate by clicking on the 'Enter Data' button for each category.Then change the consolidated loan amount, term or rate to create a loan that will work within your budget.You can use these rates to estimate the price of various mortgage loan products.