The New Year is a Great Time to Review Your Mortgage!

Anita Groves • January 10, 2018

Happy New Year, 2018 is here! If you’re anything like me, you’re looking to set some goals to make some real progress this coming year! I can’t help you with your goals in the gym, but I can help with your financial goals. so let’s talk about why now is as good of a time as any (or better) to review your mortgage and assess your financial situation.

Here are three reasons to consider:

Save money with better terms

Depending on when you secured your mortgage, by reviewing the terms of your mortgage, there might be a better fit out there for you today. Let’s say you locked into a 10 year mortgage term 5 years ago, there is a chance you could refinance your mortgage into a lower rate, and save thousands over the next 5 years. Maybe you have a fixed rate, and you’d like to consider the current variable rate, you will never know just how much money you could be saving unless you sit down with an independent mortgage professional and do a formal mortgage review!

Aggressively pay down your mortgage

The new year is a great time to review your current mortgage and make a plan to use your existing prepayment privileges. Most mortgages allow you to pay down 10-20% of the original principal mortgage amount as a lump sum and/or increase your payments by 10-20%. Just got a raise? Now might be a good time to increase your mortgage payment to match. Any money that you put on your mortgage as a prepayment goes entirely towards the principal balance and is not a prepayment of interest.

Changes to Mortgage Qualification

If you’re planning to make a move in 2018; whether that be buying a new home to accommodate your growing family, or selling your family home to downsize into a condo, there is a chance that the new mortgage rules imposed by our federal government brought in on January 1st 2018 could impact your ability to secure new mortgage financing.

 

Don’t just simply assume you will qualify for a new mortgage just because you already qualified for the mortgage you have now. Things have changed, and your best bet is to give me a shout so we can work through your financial situation.

 

Have an incredible 2018!

Share

Anita Groves

PROFESSIONAL MORTGAGE BROKER
CONTACT US APPLY NOW

Download My Mortgage App HERE

Recent Posts

Collateral vs. Standard Mortgage: Pros and Cons Explained

By Anita Groves • June 3, 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.

Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By Anita Groves • May 27, 2026
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.