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Q: Can I use my home equity to pay off high-interest debt, and what are the risks?
Yes! You may be able to use your home equity to consolidate high-interest debt, such as credit cards and personal loans, into a mortgage refinance or home equity line of credit (HELOC). This could lower your interest costs and simplify payments.
However, there are risks. You’re converting unsecured debt into debt secured by your home. You could pay more interest over time if repayment is extended, and missed payments could put your home at risk.
Answered October 2026
Q: My credit score is low. What are my options to get approved?
A low credit score doesn’t automatically mean you can’t get approved. Depending on your income, debt, equity, and payment history, options may include alternative lenders, credit unions, or private financing. If you own a property, refinancing may also be worth exploring. Each option comes with different rates, fees, and qualification requirements.
Answered October 2026
✓ Answers reviewed by VerifiedAdvisors.ca. General information only, not personal financial advice. Speak with a licensed broker about your situation.
Jermaine is one of 7 licensed brokers at Bay Hill Financial Corp.. Largest teams: Toronto, (2), Toronto (1), Ottawa (1), East Gwillimbury (1).
Jermaine Anderson will make best efforts to respond within 24 hours. If no response is received, we may connect you with other verified brokers in your area.
