Your Top Mortgage, Credit & Market Questions—Answered!

 From This Month’s Contest

Every month, I run a contest where I ask my past clients a question related to their mortgage, credit, or the housing market. When they reply, they're entered to win a prize—and this month’s response was incredible! I received so many thoughtful questions that I spent the better part of two days replying to each and every one.

🎁 August’s Prize: A Ninja Gift Package, including a Slushy Maker, Blender Kit, and Air Fryer! (Yes—we do this monthly, though the prizes always change!) August Contest here  - it will open up soon to enter!

This month’s contest question was: 👉 What is your #1 question regarding your mortgage, credit, or the current housing market?

I wanted to share some of the most common and helpful Q&As with you—because if many people are asking the same thing, chances are you're wondering about it too.

To protect privacy, I’ve removed all names and personal info. I also cleaned up any duplicate questions and made sure the answers are clear, helpful, and ready for quick reading.

Let’s Get Into the Top Questions This Month:

A: Getting the lowest rate possible can make a huge difference in the long run. It comes down to a mix of things: a strong credit score, stable income, and even the property price (especially if it’s over a million). The easiest way? Work with a broker who shops the best options for you :)

A: When it comes to mortgage renewal, keeping your credit healthy is key. Make payments on time, avoid new debt if possible, and start the process 180–120 days before your maturity date. My team and I always reach out early to help!

A: Changes in interest rates affect both your monthly payments and how much home you can afford. If rates go up, your payments go up. If they drop, it gets easier to manage. Use prepayment privileges or increase your payments now to get ahead.

A: Refinancing to pay off a line of credit can be a smart move—especially if it reduces your interest rate. Let me know if you want to go over the numbers.

A: Housing prices and mortgage rates are influenced by many factors: the economy, government policy, and market sentiment. Want to dig deeper? Check out my blog post: 👉 Is a Rate Cut Still Coming?

A: Considering a new mortgage before your current one ends might make sense if rates have dropped or your goals have changed. Let’s look at your options.

A: Upgrading to a new home depends on your mortgage, equity, the market—and your lifestyle. If you’re ready for a change, let’s explore the possibilities.

A: Housing prices are a bit of a rollercoaster right now. Many are hoping for more stability, but keeping an eye on the data is always a good idea.

A: To keep your credit healthy:

• Keep balances under 30%

• Avoid too many credit inquiries

• Automate payments

• Limit the number of open accounts Also: prepay your mortgage when possible, and review your product every few years!

A: Rate locks protect you from rising interest rates while you finish the mortgage process. They’re a great tool for peace of mind.

A: Getting the best mortgage rate often comes down to comparing lenders—and that’s exactly what brokers are here for!

A: With more buyer leverage in today’s market, it’s a great time to negotiate on price, closing dates, and conditions. If the numbers make sense, it could be a great opportunity to buy.

A: Toronto’s condo market has had ups and downs, but may stabilize as demand returns. The best way to decide what’s right for you? Let’s look at your financial goals together.

A: Refinancing can make sense depending on your current rate, time left in your term, and goals. Even with a penalty, it may improve your cash flow or financial flexibility.

A: Interest rates are tied to inflation, economic growth, and Bank of Canada policy. Read more in this recent blog: 👉 Is a Rate Cut Still Coming?

A: Fixed gives peace of mind. Variable can save money. If you’re not sure, consider a hybrid option! Here's a full breakdown: 👉 Fixed vs Variable

A: Predicting interest rates is tough, but many experts expect slow declines through 2025. Plan based on your comfort level and goals, not guesses.

A: Should you invest or pay down your mortgage? It depends! If your investments are outperforming your mortgage rate, it might make sense to stay invested. But debt-free is never a bad feeling.

A: Want to pay down your mortgage faster?

• Use bonus/tax refund lump sum payments

• Switch to accelerated biweekly payments

• Increase your regular payments

• Use double-up options if your lender offers them Let me know if you want help reviewing what your lender allows.

A: Yes! Most mortgages are portable, meaning you can transfer your rate and terms to a new home—pending approval. Let’s chat if you’re planning to move.

A: Right now, 5-year fixed rates are stable or slightly rising. But 3-year fixed options in the high 3%–low 4% range are looking great. Most economists expect prime to hold for now.

A: Is now a good time to buy? I always say the best time to buy was yesterday! Rates may be higher than before, but buyers now have more control and flexibility when negotiating.

A: Many people are leaning toward fixed rates right now for the predictability. Depending on your goals, though, a custom or hybrid strategy might offer the best of both worlds.

A: Renewal is the ideal time to reassess. Consider prepaying or increasing payments. If affordability is tight, a refinance might be the right move. A 3-year term is a great middle-ground option if you’re considering a future move.

A: Should you sell before buying? If your down payment is tied up in your current home, selling first is usually the safer bet—especially in today’s market. Let’s look at the numbers together.

A: Buying and selling at the same time takes strategy. You want to maximize your sale and be smart about your next purchase. Let’s plan it out together so the transition goes smoothly.

A: Refinancing early can be a great move—but only if the numbers make sense after accounting for penalties. Let’s run the math before you decide.

A: While renewal rates can’t be predicted, economists expect slow rate cuts in the next 12–18 months. Preparation is everything—let’s plan ahead so you’re ready, no matter where rates land.

Got Your Own Questions?

If you’ve been wondering about something mortgage-related, I’d love to hear it! You can reply directly to this post or book a time to chat here: 👉 www.emilycallme.com

Wishing you a strong finish to July and a great start to August!

 — Emily