First, you may be able to get a lower interest rate on your consolidation loan than you were paying on your various other debts.

Mortgage loans come with the lowest interest rates because they are securitized; or in other words, they are backed by an asset – your home.
If you were unable to make your mortgage loan payments, the bank has a claim on your house, and this makes your loan less risky.
This debt consolidation calculator is designed to help determine if debt consolidation is right for you.
Fill in the loan amounts, credit card balances and other outstanding debt.
There may be other wrinkles involved - for example, some of your creditors may be willing to write off part of your debt in return for an immediate payoff - but the key thing is that you're simplifying your finances by exchanging many smaller debt obligations for a single bill to be paid every month.
What types of debts can be covered by a debt consolidation?
In order to determine if you can consolidate debt into your mortgage, you start by determining how much available equity you have.
In Canada, this is determined by taking 80% of your home’s value and subtracting any existing mortgage balance.
Homeowners who are looking to consolidate their debts have the option of using their home equity to secure a loan or line of credit.