Are you ready for a financial reset?

Joel Olson • December 20, 2021
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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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Mortgages Aren’t One-Size-Fits-All

By Joel Olson • October 7, 2025
Why the Cheapest Mortgage Isn’t Always the Smartest Move Some things are fine to buy on the cheap. Generic cereal? Sure. Basic airline seat? No problem. A car with roll-down windows? If it gets you where you're going, great. But when it comes to choosing a mortgage? That’s not the time to cut corners. A “no-frills” mortgage might sound appealing with its rock-bottom interest rate, but what’s stripped away to get you that rate can end up costing you far more in the long run. These mortgages often come with severe limitations—restrictions that could hit your wallet hard if life throws you a curveball. Let’s break it down. A typical no-frills mortgage might offer a slightly lower interest rate—maybe 0.10% to 0.20% less. That could save you a few hundred dollars over a few years. But that small upfront saving comes at the cost of flexibility: Breaking your mortgage early? Expect a massive penalty. Want to make extra payments? Often not allowed—or severely restricted. Need to move and take your mortgage with you? Not likely. Thinking about refinancing? Good luck doing that without a financial hit. Most people don’t plan on breaking their mortgage early—but roughly two-thirds of Canadians do, often due to job changes, separations, relocations, or expanding families. That’s why flexibility matters. So why do lenders even offer no-frills mortgages? Because they know the stats. And they know many borrowers chase the lowest rate without asking what’s behind it. Some banks count on that. Their job is to maximize profits. Ours? To help you make an informed, strategic choice. As independent mortgage professionals, we work for you—not a single lender. That means we can compare multiple products from various financial institutions to find the one that actually suits your goals and protects your long-term financial health. Bottom line: Don’t let a shiny low rate distract you from what really matters. A mortgage should fit your life—not the other way around. Have questions? Want to look at your options? I’d be happy to help. Let’s chat.
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Fixed-Rate or Variable-Rate Mortgage?

By Joel Olson • September 23, 2025
If you're looking to buy a new property, refinance, or renew an existing mortgage, chances are, you're considering either a fixed or variable rate mortgage. Figuring out which one is the best is entirely up to you! So here's some information to help you along the way. Firstly, let's talk about the fixed-rate mortgage as this is most common and most heavily endorsed by the banks. With a fixed-rate mortgage, your interest rate is "fixed" for a certain term, anywhere from 6 months to 10 years, with the typical term being five years. If market rates fluctuate anytime after you sign on the dotted line, your mortgage rate won't change. You're a rock; your rate is set in stone. Typically a fixed-rate mortgage has a higher rate than a variable. Alternatively, a variable rate is not set in stone; instead, it fluctuates with the market. The variable rate is a component (either plus or minus) to the prime rate. So if the prime rate (set by the government and banks) is 2.45% and the current variable rate is Prime minus .45%, your effective rate would be 2%. If three months after you sign your mortgage documents, the prime rate goes up by .25%, your rate would then move to 2.25%. Typically, variable rates come with a five-year term, although some lenders allow you to go with a shorter term. At first glance, the fixed-rate mortgage seems to be the safe bet, while the variable-rate mortgage appears to be the wild card. However, this might not be the case. Here's the problem, what this doesn't account for is the fact that a fixed-rate mortgage and a variable-rate mortgage have two very different ways of calculating the penalty should you need to break your mortgage. If you decide to break your variable rate mortgage, regardless of how much you have left on your term, you will end up owing three months interest, which works out to roughly two to two and a half payments. Easy to calculate and not that bad. With a fixed-rate mortgage, you will pay the greater of either three months interest or what is called an interest rate differential (IRD) penalty. As every lender calculates their IRD penalty differently, and that calculation is based on market fluctuations, the contract rate at the time you signed your mortgage, the discount they provided you at that time, and the remaining time left on your term, there is no way to guess what that penalty will be. However, with that said, if you end up paying an IRD, it won't be pleasant. If you've ever heard horror stories of banks charging outrageous penalties to break a mortgage, this is an interest rate differential. It's not uncommon to see penalties of 10x the amount for a fixed-rate mortgage compared to a variable-rate mortgage or up to 4.5% of the outstanding mortgage balance. So here's a simple comparison. A fixed-rate mortgage has a higher initial payment than a variable-rate mortgage but remains stable throughout your term. The penalty for breaking a fixed-rate mortgage is unpredictable and can be upwards of 4.5% of the outstanding mortgage balance. A variable-rate mortgage has a lower initial payment than a fixed-rate mortgage but fluctuates with prime throughout your term. The penalty for breaking a variable-rate mortgage is predictable at 3 months interest which equals roughly two and a half payments. The goal of any mortgage should be to pay the least amount of money back to the lender. This is called lowering your overall cost of borrowing. While a fixed-rate mortgage provides you with a more stable payment, the variable rate does a better job of accommodating when "life happens." If you’ve got questions, connect anytime. It would be a pleasure to work through the options together.