Get a in Ontario
with an Award-Winning Mortgage Broker
Rates updated Aug 2, 2025
Rates updated Aug 2, 2025
Take our 1-minute quiz
- 1Find out how much you can borrow
- 2Calculate your monthly payment
- 3Get your personalized advice
Since 2015, more than 2,000 homeowners in Ontario have given us 5-star reviews.
360Lending is an award-winning mortgage brokerage helping homeowners across Ontario get better rates on home equity loans, HELOCs, and mortgage refinancing.
How Consolidation Loans Work
Pay 50% less interest monthly
Consolidating credit cards and personal loans through your home equity (i.e. home equity loan or HELOC) is one of the most effective ways to reduce monthly interest payments. On average, our clients save around $750/month—or $9,000/year—by consolidating $50,000 of high-interest debt. We’ll assess your eligibility and suitability and help you understand the full benefits of debt consolidation, including faster credit recovery and peace of mind.
FAQs about consolidation loans:
1
What do I need to qualify?
Eligibility and qualification requirements include at least 20% home equity. No income or credit requirements, but both help with pricing and options.
2
Typical consolidation loan rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. If you don't want to break your current mortgage, you can consolidate with a home equity loan with rates starting at 6.99%.
3
How about consumer proposals?
Proposals remain on your credit history for 3 years after the proposal was paid or 6 years after the proposal was filed. The costs generally outweigh the benefits.
4
How long does the process take?
The process usually takes about 2 weeks from start to finish, but we'll always match our client's pace and urgency.
5
Are there alternative solutions?
Aside from consolidation, the only legal solutions in Canada are a consumer proposal or bankruptcy. There are no government debt relief programs beyond these formal options.
Paid off $85,000in credit cards & car loan
Credit score increased to 720after 3 months
How Julia Saved $1,400/Month
Julia is a successful marketing manager earning a strong salary, but her monthly payments were taking a toll on her well-being. She was spending around $2,275 per month covering high-interest balances—$45,000 across multiple credit cards and $40,000 remaining on her car loan.
Even though her payments were always on time, her credit utilization was high, and her credit score had started to decline. She felt anxious, stuck, and unable to enjoy life or save for her future. Like many homeowners in similar situations, she needed a way to simplify payments and improve her monthly cash flow.
How 360Lending helped Julia saved $1,400/mo
Julia had about $420,000 remaining on her mortgage, locked in at a great rate with 12 months left in the term. After reviewing her goals and finances, we arranged for an appraisal through an approved appraiser and confirmed that her condo’s market value was $900,000—meaning she had substantial equity available.
We recommended a consolidation mortgage using a home equity loan as the most suitable solution. This allowed her to keep her existing first mortgage untouched while accessing equity to combine all outstanding balances into one manageable payment. We assessed her eligibility and suitability, and structured the product to support her long-term goals, including restoring her credit standing.
We also advised Julia that once her balances were paid off and her credit score improved, she’d likely be in a strong position to refinance her entire mortgage within 12–18 months—unlocking even more savings and flexibility.
Results
Julia used the equity in her home to pay off over $85,000 in high-interest loans and credit balances. Her new consolidation mortgage reduced her monthly payment burden by over $1,425. Within three months, her credit score rebounded to 720, giving her new financial confidence. Most importantly, the savings immediately improved her quality of life. With fewer bills, lower payments, and a plan for the future, Julia started a college fund for her daughter—one of many powerful outcomes we’ve seen in our client experiences. This is a great example of the real-life benefits of mortgage consolidation when guided by the right strategy.
Find out how much you can save:
INTEREST PAYMENT COMPARISON
Current payment
$0 / month*
360Lending payment
$0 / month*
Your estimated interest savings
$0 /month*
or save
$0in payments over 12 months*
with 360Lending payment
Paying off your credit cards will help boost your score within 60-90 days
*The information presented is for illustrative and educational purposes only. Monthly payments are an estimate. Calculations are made assuming an APR of 11.99% for 360Lending payments and an APR of 19.99% for fixed payments with your credit card provider.
What you'll need to apply for a consolidation loan in Ontario, Canada
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
T4s from the past 2 years & pay stubs (salaried or hourly)
Bank statements (self-employed or retired)
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unite 215
Richmond Hill, Ontario, L4B 3M4
Mon-Wed9am-8pm
Thurs-Fri9am-5pm
Sat-SunClosed
