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

 

A man with a beard and a suit is smiling for the camera.
Joel Olson
GET STARTED

Home Reno Dreams? Let’s Talk Mortgage Financing

By Joel Olson • February 17, 2026
How to Use Your Mortgage to Finance Home Renovations Home renovations can be exciting—but they can also be expensive. Whether you're upgrading your kitchen, finishing the basement, or tackling a much-needed repair, the cost of materials and labour adds up quickly. If you don’t have all the cash on hand, don’t worry. There are smart ways to use mortgage financing to fund your renovation plans without derailing your financial stability. Here are three mortgage-related strategies that can help: 1. Refinancing Your Mortgage If you're already a homeowner, one of the most straightforward ways to access funds for renovations is through a mortgage refinance. This involves breaking your current mortgage and replacing it with a new one that includes the amount you need for your renovations. Key benefits: You can access up to 80% of your home’s appraised value , assuming you qualify. It may be possible to lower your interest rate or reduce your monthly payments. Timing tip: If your mortgage is up for renewal soon, refinancing at that time can help you avoid prepayment penalties. Even mid-term refinancing could make financial sense, depending on your existing rate and your renovation goals. 2. Home Equity Line of Credit (HELOC) If you have significant equity in your home, a Home Equity Line of Credit (HELOC) can offer flexible funding for renovations. A HELOC is a revolving credit line secured against your home, typically at a lower interest rate than unsecured borrowing. Why consider a HELOC? You only pay interest on the amount you use. You can access funds as needed, which is ideal for staged or ongoing renovations. You maintain the terms of your existing mortgage if you don’t want to refinance. Unlike a traditional loan, a HELOC allows you to borrow, repay, and borrow again—similar to how a credit card works, but with much lower rates. 3. Purchase Plus Improvements Mortgage If you're in the market for a new home and find a property that needs some work, a "Purchase Plus Improvements" mortgage could be a great option. This allows you to include renovation costs in your initial mortgage. How it works: The renovation funds are advanced based on a quote and are held in trust until the work is complete. The renovations must add value to the property and meet lender requirements. This type of mortgage lets you start with a home that might be more affordable upfront and customize it to your taste—all while building equity from day one. Final Thoughts Your home is likely your biggest investment, and upgrading it wisely can enhance both your comfort and its value. Mortgage financing can be a powerful tool to fund renovations without tapping into high-interest debt. The right solution depends on your unique financial situation, goals, and timing. Let’s chat about your options, run the numbers, and create a plan that works for you. 📞 Ready to renovate? Connect anytime to get started!

First-Time Buyer? Here’s How to Tell If You’re Ready

By Joel Olson • February 3, 2026
Ready to Buy Your First Home? Here’s How to Know for Sure Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership? Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path: 1. You’ve Got Your Down Payment and Closing Costs in Place To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments. If you’ve managed to save this on your own, that’s a great sign of financial discipline. If you're receiving help from a family member through a gifted down payment , that works too—as long as the paperwork is in order. Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership. 2. Your Credit Profile Tells a Good Story Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history. What they typically like to see: At least two active credit accounts (trade lines) , like a credit card or loan Each with a minimum limit of $2,000 Open and active for at least 2 years Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert. 3. Your Income Can Support Homeownership—Comfortably A steady income is essential, but not all income is treated equally. If you’re full-time and past probation , you’re in a strong position. If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify. A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income . That leaves plenty of room for other living expenses, savings, and—yes—some fun too. 4. You’ve Talked to a Mortgage Professional Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far. If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll: Get pre-approved (and know what price range you're working with) Understand your loan options and the qualification process Build a game plan that suits your timeline and financial goals The Bottom Line: Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice. If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.