Wouldn’t spring cleaning be less tedious and more gratifying if there was an envelope full of cash hidden amongst your clutter? Suddenly, the idea of spring cleaning doesn’t seem so daunting, does it?

A good spring clean doesn’t have to be limited to your home. By putting some time and attention into spring cleaning your financial house, you might just find that envelope of cash, especially if you are weighed down by persistent debt from credit cards, lines of credit, unsecured loans, and possibly tax bills.

Carrying multiple debts month after month can quickly turn into an unwieldy mess. Not only can it be bewildering to try to untangle, but it can also be a bit of a financial black hole. It may also be negatively affecting your credit score.

With the arrival of spring, now is the perfect time to tidy up your debt situation and get things back on track. So, roll up your sleeves, and let’s get to work on decluttering your finances!

Benefits of debt consolidation

Once we make a list of your high-interest debt, we can look at the possibility of rolling that debt into a new mortgage through a mortgage refinance. Mortgage rates have been falling and are considerably lower than your credit cards and other unsecured debt. So instead of having several payments with high-interest rates, through debt consolidation, you will have just one payment at a lower rate.

There are many benefits to consolidating debt into a new mortgage –

  1. improved cash flow
  2. big interest savings
  3. no more multiple debt payments each month
  4. one manageable monthly debt payment to simplify your life and ensure you don’t have an overdue payment or miss one
  5. easier budgeting
  6. improved credit score
  7. a mortgage is designed to be paid off while credit cards don’t have a set timeline for paying the balance off (only minimum payments are required)
  8. you can become mortgage-free faster; pay off more principal and interest!

And you’ll get yourself on track to start building wealth.

To consolidate your debt into a new mortgage, your current mortgage is replaced with a new one. You may wonder about the fee to break your existing mortgage. That’s why it’s important to see the numbers and the opportunity that may be available to you. Here’s an example – mortgage, car loan, and credit cards total $550,000. Roll that debt into a new $557,000 mortgage, including a fee to break the existing mortgage, and look at the payoff:


5.7% current variable mortgage, 4.79% new 3-year fixed-rate mortgage, 25-year am. Credit cards 19.9% and car loan 8%, both at A 5-year am. New mortgage includes $7,000 to break the current mortgage. OAC. Subject to change. For illustration purposes only.

That’s a big monthly savings of $1,093. Your monthly total debt payment has been reduced, you’re saving big on interest charges, and all your high-interest debts are gone. Imagine if you funneled some of that newfound cash flow back into paying down your mortgage, or investing in RRSPs, TFSAs, or RESPs!

You’ll want to be disciplined with your finances after completing your refinance. You won’t want to rack up the balances on your credit cards again and find yourself in the same situation you were in before, and this time with more debt!

Use our handy mortgage calculator to run some monthly payment scenarios and get an idea of how much you can save before we meet.

When can you consolidate debt into a mortgage?

If you have had your mortgage for close to a year or more, have equity in your home, and are finding that your high-interest debt is choking your cash flow, it can make good financial sense to refinance your mortgage.

If your credit score has improved significantly since you obtained your current mortgage, then refinancing will be a very attractive option because your improved credit score will help you qualify for the best rate possible. By reducing the amount owed overall and paying down the balances more quickly than usual, you show lenders that you are responsible for your money, which increases your likelihood of better rates in the future.

Allow me to analyze your situation and outline your spring-cleaning options. How gratifying will it be to be able to breathe a little easier and have more money to put toward your life and financial goals?

What if this isn’t right for you?

If you don’t have the required amount of equity in your home, which is a minimum of 20%, then you won’t qualify for a mortgage refinance. We could look at other options like a second mortgage. We could also consider a second mortgage if you feel that the fee to break your current mortgage is too high. As your Mortgage Broker, I have access to multiple lenders, including private lenders, so I can always find the best solution to fit your current financial situation.

Enjoy a fresh beginning 

So, as you clear out your closets, drawers, and garage, don’t forget the most rewarding task of all: spring cleaning your debt. Debt consolidation can be an effective way to reduce monthly payments and simplify the repayment process for multiple unsecured debts. When done correctly, refinancing can also lead to significant savings in both money and time as well as improved credit scores over time.

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Canada is inviting many immigrants every year from India, Pakistan, Bangladesh, China, Philippines and from all over the world. If you are new to Canada and are looking to purchase your own home, it can be challenging. You would have to do your research well and find the experts , like myself who have served 100s of clients in my career. My objective is  to help you find your dream home with affordable options. However, there are several things to consider before making a choice to purchase a property in Canada.

  1. Find a Real Estate Agent to Help Check Your Affordability

Find the Right Real Estate Agent is important. They'll help you assess your affordability and apply the basic rule to every kind of shopping. When making a move to purchase a house, you must first evaluate your financial standing and how much you can afford. You will have to consider renovation costs, on top of the purchase price and the costs for making minor amendments to the house facilities. You should contact a mortgage broker to understand how it works and what your current affordability is. After considerations and consultations with the experts, set your ceiling purchase price, accordingly.

  1. Decide what you are looking for in a house:

First, you should decide the size of your home; the number of bed and baths, kitchen, dining and living space etc. Consider your special needs as well such as hobby and storage spaces, workspace, swimming pools and others. Decide if you would like to move into a city or a suburb, how far you are willing to commute for work, schools you would like your children to be registered with and if you would want to move close to specific cultural community centers. You may also want to seek the help of a real estate agent to help you make better choices in terms of suitability of location, house size requirements and price negotiation. (Multiple Listing Service) is a nifty site to check out to see the current housing market situation.

  1. Decide the type of home:

You can opt for a condominium, townhouse, semi-detached, single/detached or a duplex/triplex house. A condominium (condo) is a less expensive option and very attractive to first time buyers. A point worth noting is that there are monthly condo fees due to condo corporations, which is utilized for the maintenance of the building as and when required. Townhouses are a series of homes, whereas semi-detached houses have a separate land. Both have separate entrances, but are attached wall-to-wall with other houses. Single detached homes can be expensive because they stands separate and free, so you own the house and the land. You are also responsible solely for all costs involved. A duplex/triplex is a single home with multiple units. You own the property and can also rent out the additional units.

  1. Make a Purchase offer

Once you have found the house according to your budget and your lifestyle, it is time to put your Offer to Purchase. This can be done with the help of a real estate agent, or you may also do so with the help of a lawyer or a notary. The document generally includes the purchase price offered, amount of the deposit, chattels (that includes refrigerator, stove, washer and dryer that you are additionally purchasing from the seller) and the closing date for possession of the house, (which is usually 30 to 60 days from the day the purchase offer is made), request for survey of the land and property, the date when the offer becomes null and void, mortgage financing and home inspection conditions that go with the offer.

  1. Financing the home:

You typically seek the help of a financial institution such as banks and credit unions to help you pay the purchase price via a loan. The loan termed as a mortgage can be repaid by you through regular payments over a period of time, typically around 25 to 30 years, termed as amortization period. Your regular payments will be topped up with additional interest rates that you need to pay on top of the principal amount. However, to avail the loan, you need to have good credit history. Therefore, finding the right mortgage broker is crucial for you to be able to get pre-approved. A pre-approval does not bind you. It still leaves you open to pursue other arrangements.

  1. Find a mortgage broker:

They secure you the best mortgage terms and conditions. The amount of your mortgage is calculated based on the price of the home subtracting the initial down payment. If the down payment is less than 20% of the value of your new home, your lender (i.e. the bank) will require Mortgage Loan Insurance. For availing the mortgage, you must have credit and stable (valid) source of income. You must open a bank account and use it regularly. Pay your bills on time, including insurance payments. Apply for small loans to prove you pay on time and apply for a credit card as well. If you stay with the same employer for an extended time period, it is also a very good history that will add up to availing mortgage easily. Also, remember that the minimum down payment for purchase of a property in Canada is 5% of the actual home price for purchases up to 500,000.00 CAD. In case of less than 20% down payment, your bank requires you to purchase mortgage default insurance through either CMHC, SAGEN, or Canada Guaranty (CG).

For more information call Ricky Bola, who have been offering expert solutions for years now and have been Rated the Top 15 Individual Real Estate Agents with Re/Max West Realty - 2023.


Moving is a lot of work and it’s expensive when you factor in all the costs – legal fees, moving costs, real estate commission, decorating, furnishings, and so much more. Sometimes it just makes more sense to love your home instead of listing it.

If you’re thinking renovation, you’ll want to carefully look at how to finance that transformation. There are generally two financing routes – home equity and unsecured credit.

Our hot housing market has greatly increased home values, and with mortgage rates hovering around historic lows, homeowners with enough equity are seizing the opportunity to tap into that equity to create the perfect home that fits their lifestyle and to further boost long-term value.

You can access your home equity through a mortgage refinance, home equity line of credit, a second mortgage or a program called refinance plus improvements. For smaller projects, many look to unsecured credit like a personal loan, line of credit, or credit cards. Here are the benefits and considerations of each:

If the home of your dreams is one renovation away, let’s discuss which option is best for your situation. I’m here to help you maximize your bottom line and personal home enjoyment.


History has proven that homeownership is a solid long-term investment. You build your equity stake through your regular mortgage payments and your home’s price appreciation over time. But wealth building doesn’t have to stop there. Here are 6 ways to do more throughout your mortgage years.

  1. Speed up your mortgage pay down. Change from monthly payments to weekly or biweekly, which increases your number of payments and takes years off your mortgage. Also consider putting found money like raises and tax refunds against your mortgage principal. Check your mortgage contract for the amount you can prepay each year.
  2. Get a financial reset when needed. Too much high interest debt over long periods of time is a definite wealth killer. It chokes your cash flow and having multiple debt payments can be stressful. If you have enough equity, you may be able to move that debt to your lower-rate mortgage, giving you one comfortable payment and thousands in interest savings.
  3. Renovate using your lowest cost funds. With historically low mortgage rates, homeowners with enough equity are using the opportunity to roll the cost of their renovation into their mortgage for one easy monthly payment, and then using their prepayment privileges to pay it off faster. It’s a win win when you increase the comfort and enjoyment of your home, while also improving the long-term value.
    1. Apply for incentives to help pay for energy saving investments in your home.
  4. Look at your mortgage renewal as an important moment of opportunity. When your lender sends out a letter suggesting you renew your mortgage at their current offer, get in touch. Everything pertaining to your mortgage can be renegotiated, giving you the opportunity to get the best possible deal for your current situation, which may be very different from when you first got your mortgage.
  5. Know your prepayment penalty. When choosing between fixed-rate mortgages, be sure to compare how the early payout penalty will be calculated. If you ever need to get out of your mortgage early, having the right mortgage could save you thousands. If you take a lower rate mortgage with a high prepayment penalty, the benefit of that lower rate could mean nothing if you overpay on the penalty to get out of your mortgage.

I’m here to save you money and help you build wealth throughout your mortgage years. Get in touch at any time!