If you’re an Ottawa homeowner carrying high-interest debt, you may be sitting on the solution, your home equity. By working with a mortgage broker, you can unlock that value to pay off debt, reduce monthly payments, and regain financial stability without selling your home.
From Orleans to Nepean, rising property values mean many Ottawa homeowners now qualify for financing they didn’t realize was possible.
What Is Home Equity and How Can It Help?
Home equity is the difference between your home’s market value and the balance left on your mortgage. For example:
- Home Value: $700,000
- Mortgage Balance: $400,000
Equity Available: $300,000
Approve faster, often within 24–48 hours
You can use this equity to take out a home equity loan or second mortgage, paying off debts like:
- Credit cards
- Personal loans
- Lines of credit
- Outstanding taxes
Why Work With a Mortgage Broker in Ottawa
Banks have strict lending criteria, and if your credit score is low or your debt ratio is high, they may say no. A mortgage broker can:
- Access alternative lenders who approve based on equity, not just credit
- Offer fast funding, often within 48 hours
- Structure payments to fit your budget
- Provide a path to refinancing with a traditional lender later
Steps to Pay Off Debt With Home Equity
- Review Your Debts – List balances, interest rates, and monthly payments
- Check Your Equity – Get a home appraisal or broker estimate
- Choose the Right Product – Home equity loan, second mortgage, or refinance
- Pay Off Debt – Loan proceeds go directly to creditors
- Enjoy One Lower Monthly Payment
Real Ottawa Success Story
Mark from Ottawa had $65,000 in credit card and loan debt, paying $2,300/month in interest-heavy payments. Using a home equity loan arranged through Burke Financial, he reduced his payments to $1,100/month, saving $1,200 monthly and becoming debt-free in under 3 years.
Why Now Is the Time to Act
With Ottawa’s real estate market still holding strong values, your equity can be a powerful tool. Waiting could mean missing the chance to reduce your debt and free up your cash flow.
Final Tip: Whether you’re in Kanata, Orleans, Barr haven, or downtown Ottawa, a mortgage broker can help you turn your home’s value into a debt-clearing solution.
Live in Ottawa and want to pay off debt with your home equity? Let’s make it happen.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
