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If debt is eating your paycheque, your home can help.
Credit cards, car loans, lines of credit — when every month feels like a juggling act, it's easy to feel like you're the only one falling behind. You're not. And if you own your home, you have an option most Canadians overlook: refinancing your mortgage to roll high-interest debt into one manageable payment, using the equity you've already built.
No judgment. No pressure. Just a clear look at your numbers — and what they could be.
You're in more company than you think.
Debt isn't a personal failing — for most Canadian households it's simply the math of the last few years. Prices went up, rates went up, and paycheques didn't keep pace.
What the average Canadian household owes for every $1 of disposable income (Statistics Canada)
Of every after-tax dollar goes just to servicing debt — before groceries, gas or rent (Statistics Canada)
A typical credit card interest rate — while secured mortgage rates are commonly under 5%
If those numbers feel familiar, the next section is for you.
How debt refinancing works
None of this means starting over. It means using an asset you already own — your home equity — to replace expensive debt with one affordable payment. Three steps, all in plain language:
See what your home can unlock
Canadian lenders let you refinance up to 80% of your home's value. The difference between that and your current mortgage is equity you can put to work.
Put the whole picture in one place
Add up your mortgage and every debt — balances, payments, rates. Seeing how much goes to interest each year is usually the moment things click.
One payment — and room to breathe
Roll it into one new mortgage at a far lower rate. Most clients free up hundreds of dollars a month in cash flow, sometimes more.
Run your numbers. It takes about two minutes.
Nothing is saved or submitted — this calculator is just for you. Three quick steps: your equity, your debts, your refinance.
Wherever you're starting from, there's a way forward.
Sparrow advisors are licensed in B.C. and Alberta. We compare your options across lenders, explain them in plain language, and answer every question — family included. And if refinancing isn't the right move for your situation, we'll tell you that too. That's the whole point of independent advice.
Calculator results are estimates for illustration only and are not financial advice or a commitment to lend. Debt statistics are drawn from Statistics Canada household economic indicators.
