The Ontario Homeowner’s Tactical Checklist for Getting Out of High-Interest Debt in 2026
- getmortgaged
- 5 days ago
- 2 min read
If you’ve been juggling credit card bills, personal loans, a growing mortgage, and zero breathing room — this post is for you.
Debt consolidation isn’t about rolling your problems into one big payment. It's about rebuilding your cash flow structure so you can sleep at night, invest again, and stop living month-to-month on six-figure income.
Here’s the coach-approved checklist to reset your financial foundation — without going backwards.
✅ The Debt Reset Checklist
1. Assess Your Current Debts
Add up all outstanding balances: credit cards, car loans, personal lines of credit.
List minimum payments, interest rates, and due dates.
Identify which ones are non-deductible and high-interest — these are your biggest wealth leaks.
2. Check Your Home Equity
Sign up for my monthly homeowner's report to automate this HERE
3. Review Your Current Mortgage Terms
What’s your current rate, product type, and renewal date?
Are you on a fixed term with a big penalty if you break it?
Do you have a re-advanceable mortgage, HELOC access, or blend-and-extend options?
Again, you can automate this HERE
4. Explore Re-Advanceable Products
Consider switching to something like Manulife One or Scotia STEP, if it fits your long-term goals.
These let you roll in debt and free up cash without starting from scratch.
Not all lenders offer them — you’ll need a broker who knows how to coach you through it.
5. Forecast Post-Consolidation Cash Flow
Use a mortgage calculator or your broker to model the new monthly payment if you rolled in your debts.
Don’t just look at the lower payment — check how much monthly surplus you gain.
If your current surplus is $300/month and consolidation brings it to $1,800+, that’s your freedom fuel.
6. Structure Debts Strategically
Don’t just lump everything into the mortgage for 25 years. Consider:
Short-term amortizations for smaller chunks
Keeping tax-deductible loans separate (if applicable)
Using separate LOCs for business or rental expenses (cash damming ready)
7. Build in Buffers
Add a 3–6 month emergency fund line inside your HELOC
Set rules: don’t tap it unless it’s for actual emergencies or opportunity-based investing
Automate savings from new surplus so you don’t drift back into debt
8. Schedule a Mortgage Strategy Call
This is not DIY territory.
Get a second set of eyes on your mortgage, debts, income, and long-term goals.
A 30-minute call could unlock tens of thousands in saved interest, not to mention sleep.
Final Word
This isn’t about being perfect with money. It’s about being strategic with structure. Most people are stuck in the wrong setup — not the wrong income bracket.
If your debt feels like a treadmill you can’t get off, this checklist is your first off-ramp.
Let’s get you back on offense.
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