Are you ready for a financial reset?

Joel Olson • December 20, 2021
financial-reset-using-low-mortgage-rates

As we come to the end of the year, a lot of people are going to take stock of their current financial situation.


Have they saved enough money this year?


Have they paid down enough debt?


Have they put themselves in a situation where they're moving forward financially?


Or, maybe they're looking forward with anticipation to the New Year...


Maybe there is a job change that's on the horizon.


Maybe there is a kid heading off to college that they have to financially prepare for.


Maybe retirement is on the horizon.


And now is the time to make sure that that can be done in a financially acceptable way.


Whatever it is, people are taking a look at their financial situation and making adjustments and changes to make sure they are in the best position possible.


Obviously, we're in a unique situation in the world where people have seen major benefits on our current world situation and major disadvantages that may have affected them as well.


Now's a great time to look at doing some type of financial reset as it relates to your mortgage and all debts.


What does a financial reset look like?


Number one, what do you have for debt right now?


If you have any debt that's involved with credit cards, that's not being paid off a monthly basis and I'm paying eight 9% or even higher at 20 to 24%...


...if you have loans, maybe there are loans that are somewhere in the eight to 10% range or even in the four to 5% range, whether they be student loans, car loans, or just personal loans, with interest rates being below 2% and in many cases mid 1%, you are going to save a ton of interest by rolling these into the mortgage.


With the vast amount of equity you would have achieved with the escalating housing market, now is a time where there's an opportunity to do so that may not have existed one year ago or even six months ago.


Now is the time to look at putting that debt into your mortgage to save interest but also to vastly improve your monthly payment.
We are seeing clients that are having their monthly cash flow go up by as much as $1500 to $2,000 a month.


How much of a difference would that make your life if you had to pay $1500 to $2,000 per month?


That's only one way of looking at it.


For some people it's just about saving the interest.


Maybe they keep their payments the same but have that loan payment be paid at a much lower interest rate, which means they will save interest and ultimately pay that loan off much much faster.


The second way so may look at a financial reset, is maybe now's the time you're going to look at updating your real estate.


What I mean by that? 


Now's the time to look at renovations.


Maybe now's the time to put in those big renovations that you've been deterring because you haven't had enough money... now's the time you have equity to do so.


So if you are within a few years of improving the roof, updating your septic and sewer systems, updating your furnace, etc., now would be the time to take money out to do that.


Perhaps your home would benefit by being completely redone...


...both kitchens and bathrooms make a ton of difference to your value.


Maybe now's the time you look at adding a suite to the home, adding extra income on a monthly basis.


Now's the time where you can do that without having to put any extra cash flow in, even possibly doing an expansion of your home can also be in the cards to add extra money and the renovation, and cost of doing so would more than pay off even though you're increasing your borrowing load.

The third way you may be looking at a financial reset would be using your equity towards investment.

 

Now, maybe this involves buying another property.

 

Many people are surprised to know though the equity in their house they may buying the property and putting none of their own money in!

 

Maybe that involve buying a rental property.

 

Maybe if you're looking at your kids going into college, maybe you buy them a property that they're going to live in during college that will then become a rental property when they are finished.

 

In many situations like that, you could do that for as little as 5% down.

 

Maybe you could be looking at other investment opportunities.

 

With a wise strategy, you could look at investing into stocks or businesses or other types of investment opportunity that can have a greater yield than the very, very low interest rates you're going to pay on your mortgage.

 

All of these options are things to look at when you're looking at a financial reset.

 

If I can help you with any different options or just reviewing your particular situation to see if there's opportunity to do some financial reset, please do reach out.

 

You could literally see yourself being a completely different situation and going to the New Year in a much, much better way than you've ever seen before!

 

The easiest way to discuss any strategies is to schedule a time on my calendar here:

 

https://calendly.com/joel-20/discovery-zoom-call

 

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Joel Olson
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Collateral vs. Standard Mortgage: Pros and Cons Explained

By Joel Olson • January 20, 2026
Mortgage Registration 101: What You Need to Know About Standard vs. Collateral Charges When you’re setting up a mortgage, it’s easy to focus on the rate and monthly payment—but what about how your mortgage is registered? Most borrowers don’t realize this, but there are two common ways your lender can register your mortgage: as a standard charge or a collateral charge . And that choice can affect your flexibility, future borrowing power, and even your ability to switch lenders. Let’s break down what each option means—without the legal jargon. What Is a Standard Charge Mortgage? Think of this as the “traditional” mortgage. With a standard charge, your lender registers exactly what you’ve borrowed on the property title. Nothing more. Nothing hidden. Just the principal amount of your mortgage. Here’s why that matters: When your mortgage term is up, you can usually switch to another lender easily —often without legal fees, as long as your terms stay the same. If you want to borrow more money down the line (for example, for renovations or debt consolidation), you’ll need to requalify and break your current mortgage , which can come with penalties and legal costs. It’s straightforward, transparent, and offers more freedom to shop around at renewal time. What Is a Collateral Charge Mortgage? This is a more flexible—but also more complex—type of mortgage registration. Instead of registering just the amount you borrow, a collateral charge mortgage registers for a higher amount , often up to 100%–125% of your home’s value . Why? To allow you to borrow additional funds in the future without redoing your mortgage. Here’s the upside: If your home’s value goes up or you need access to funds, a collateral charge mortgage may let you re-borrow more easily (if you qualify). It can bundle other credit products—like a line of credit or personal loan—into one master agreement. But there are trade-offs: You can’t switch lenders at renewal without hiring a lawyer and paying legal fees to discharge the mortgage. It may limit your ability to get a second mortgage with another lender because the original lender is registered for a higher amount than you actually owe. Which One Should You Choose? The answer depends on what matters more to you: flexibility in future borrowing , or freedom to shop around for better rates at renewal. Why Talk to a Mortgage Broker? This kind of decision shouldn’t be made by default—or by what a single lender offers. An independent mortgage professional can help you: Understand how your mortgage is registered (most people never ask!) Compare lenders that offer both options Make sure your mortgage aligns with your future goals—not just today’s needs We look at your full financial picture and explain the fine print so you can move forward with confidence—not surprises. Have questions? Let’s talk. Whether you’re renewing, refinancing, or buying for the first time, I’m here to help you make smart, informed choices about your mortgage. No pressure—just answers.
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Everything You Should Know Before Buying a Home

By Joel Olson • January 13, 2026
Thinking About Buying a Home? Here’s What to Know Before You Start Whether you're buying your very first home or preparing for your next move, the process can feel overwhelming—especially with so many unknowns. But it doesn’t have to be. With the right guidance and preparation, you can approach your home purchase with clarity and confidence. This article will walk you through a high-level overview of what lenders look for and what you’ll need to consider in the early stages of buying a home. Once you’re ready to move forward with a pre-approval, we’ll dive into the details together. 1. Are You Credit-Ready? One of the first things a lender will evaluate is your credit history. Your credit profile helps determine your risk level—and whether you're likely to repay your mortgage as agreed. To be considered “established,” you’ll need: At least two active credit accounts (like credit cards, loans, or lines of credit) Each with a minimum limit of $2,500 Reporting for at least two years Just as important: your repayment history. Make all your payments on time, every time. A missed payment won’t usually impact your credit unless you’re 30 days or more past due—but even one slip can lower your score. 2. Is Your Income Reliable? Lenders are trusting you with hundreds of thousands of dollars, so they want to be confident that your income is stable enough to support regular mortgage payments. Salaried employees in permanent positions generally have the easiest time qualifying. If you’re self-employed, or your income includes commission, overtime, or bonuses, expect to provide at least two years’ worth of income documentation. The more predictable your income, the easier it is to qualify. 3. What’s Your Down Payment Plan? Every mortgage requires some amount of money upfront. In Canada, the minimum down payment is: 5% on the first $500,000 of the purchase price 10% on the portion above $500,000 20% for homes over $1 million You’ll also need to show proof of at least 1.5% of the purchase price for closing costs (think legal fees, appraisals, and taxes). The best source of a down payment is your own savings, supported by a 90-day history in your bank account. But gifted funds from immediate family and proceeds from a property sale are also acceptable. 4. How Much Can You Actually Afford? There’s a big difference between what you feel you can afford and what you can prove you can afford. Lenders base your approval on verifiable documentation—not assumptions. Your approval amount depends on a variety of factors, including: Income and employment history Existing debts Credit score Down payment amount Property taxes and heating costs for the home All of these factors are used to calculate your debt service ratios—a key indicator of whether your mortgage is affordable. Start Early, Plan Smart Even if you’re months (or more) away from buying, the best time to start planning is now. When you work with an independent mortgage professional, you get access to expert advice at no cost to you. We can: Review your credit profile Help you understand how lenders view your income Guide your down payment planning Determine how much you can qualify to borrow Build a roadmap if your finances need some fine-tuning If you're ready to start mapping out your home buying plan or want to know where you stand today, let’s talk. It would be a pleasure to help you get mortgage-ready.