How to Make Smart Financial Moves with Your Current Mortgage


After you’ve secured your mortgage, purchased your home, and finally settled in, you might think you can take a bit of a backseat to your finances. After all, mortgage approval is often the most important hoop to jump through regarding your financial situation. Now that’s completed, what is there to worry about?

I’ve seen plenty of clients take this stance. But I’m here to remind you that smart financial moves can still help you now and in the long run! Planning for your future, based on what’s available to you with your current situation and mortgage, is possible. If you aren’t sure where to start, this post will help you understand your options and can get you on the right track. 

Make Sense of Your Budget

For many with a full-time career and permanent position, this is relatively easy to do. In fact, you probably put a spending plan together when you were applying for a mortgage to ensure you could afford the monthly payments. If it’s been a minute since you’ve reviewed it or wholly fallen off of it altogether, there’s never a wrong time to re-evaluate. 

The rule of thumb is to spend less than you earn. However, there’s plenty to consider when putting together a budget, including debt repayment and accounting for savings. Balance to the best of your abilities, and consider speaking with a financial advisor if you are looking for more in-depth financial advice.

Pay Attention to Debt

Your credit score is a good benchmark for the health of your finances. Ensure you do what you can to maintain or improve it by documenting your debts and committing a set amount of money each month to pay them down. It might be helpful to focus on smaller debts first or more expensive ones with higher interest rates. If you have multiple loans with various lenders, consolidating them together may reduce your interest rate and ensure that more of your repayments are going toward the principal amount and not just the accumulated interest.

Before you decide to make a large purchase that requires installments, review your current situation to ensure it is worthwhile. Sometimes it might be best to sleep on your final decision or discuss it with someone close to you before choosing to put yourself in more debt.

Set Savings Goals

It’s certainly easier to focus on the present than the future, especially concerning finances. Keeping up with monthly necessities allows you to be ahead of the game, but taking it one step further and committing a percentage of your income to savings can make a huge difference. Whether it’s a rainy day fund, emergency cash, or retirement plan, it’s a good idea to have a few accounts for savings that can support you when you need it.

Need help figuring out how much to put away each month? Many banks offer the chance to have a set amount moved from your main account into a TFSA, which can only be withdrawn under certain circumstances. That way, you’ll have funds secured and won’t be tempted to use them for something else. 

Review Your Home Insurance

This kind of insurance is essential to homeownership. If you simply chose the first option you saw because it satisfied your lender, you could be overpaying or have insufficient coverage based on your needs. Review your policy, and don’t be afraid to shop around for new insurers. Ask about sign-up discounts, bundling options if you own a vehicle, and rate reductions based on upgrades like security systems and other features. 

Although it might be tempting to increase your deductible in favour of a lower monthly payment, ensure you are still capable of paying this fee should something happen, and you need to make a claim.

Inquire About Refinancing

For many, their mortgage payments are their biggest monthly expense. It can be challenging to plan appropriately for the present and future when it feels like you are tied to a loan, making it difficult to have any wiggle room. The great thing about mortgages is despite being consistent, there are options for those looking for relief from the potential financial pressure they are currently experiencing.

Refinancing your mortgage is the ideal time to discuss a better rate, negotiate a different term, or consider working with a new lender. Whatever length of time you have had your current mortgage, you likely know what is beneficial for you, and what is causing you problems. While it can be intense to go through this process alone, it doesn’t have to be. A mortgage broker like myself can work with you to determine the options available and offer advice on the right next move.

No matter your concerns, I’m happy to sit down with you and learn more about your situation, and how my services can help. Get in touch today. 

andrew thake about

About Andrew Thake

Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.

Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.

Why not make your mortgage experience a comfortable one?

Book an Appointment