The Myplace Playbook // 018

Your Mortgage Mid-Year Check-Up. Are You on Track?

It's June, halfway through the year and a great time to check in on your mortgage. Like I keep saying, your mortgage is tool that with some occasional sharpening can help carve out the life you want… I know, too early for puns. Sorry.

Whether you're just starting out or eyeing renewal in the not-so-distant future, here’s a tailored check-up based on where you're at in your mortgage timeline:

Brand New Mortgages (Less than 1 year)

You’ve taken the plunge, signed the papers, and the place is yours. Here’s what to think about in the first 12 months:

Payment Comfort Check:

How’s your monthly payment really feeling? If it’s tight, now’s the time to look at your full financial picture and get ahead of any upcoming bumps, like property taxes, utilities that fluctuate seasonally, or unexpected repairs.

Emergency Cushion:

Even a basic home repair fund can help you sleep better at night. Aim for a few thousand dollars tucked away. A dying fridge or a surprise roof issue is easier to handle when you're ready for it.

Small Prepayments, Big Savings:

Many mortgages let you pay a little extra each month, and that can go a long way.

For example:
Let’s say your mortgage is $450,000 with a 25-year term and a 4.5% interest rate.
If you added just $50/month in prepayments, you could:

• Knock roughly 2 years off your mortgage

• Save somewhere around $20,000 in interest

Not bad for the cost of a dinner out.

Mortgages 2–3 Years Old

You're past the early adjustment phase. Now’s the time to be strategic.

Rate Review:

Have rates changed since you locked yours in? They’ve been moving around a lot lately. Even if you’re mid-term, you might be in a position where refinancing or an early renewal could save money. It's not always worth it, but it’s always worth asking.

Equity Check-In:

You’ve likely built up a chunk of equity (the difference between what your home is worth and what you still owe). That equity can work for you, whether it’s finishing the basement, tackling a reno, or rolling higher-interest debt into a single lower monthly payment.

Lifestyle Alignment:

Have things changed? A new job, a growing family, or just a new set of priorities? Your mortgage should support your lifestyle, not stress it. It might be time to explore adjusting your payment schedule or planning for a future move.

Mortgages 4+ Years Old

This is when your mortgage starts to get interesting.

Renewal Prep:

Most people wait until their renewal notice arrives... then scramble. But lenders often don’t offer their best rates up front. Starting 4–6 months ahead gives you options, leverage, and time to make sure you’re not leaving money on the table.

Accelerate Your Pay-Off:

If your income has gone up or your expenses down, consider increasing your payments, even slightly. Let’s say you bump your monthly payment by $100 (if your lender allows it). That could save you tens of thousands in interest over the life of your mortgage.

This is also a great time to explore lump-sum payments if you’ve had a bonus, inheritance, or sold a vehicle. Every dollar directly to principal now compounds in your favour.

Goals Reset:

Think bigger.

• Dreaming of a cabin at the lake?

• Thinking about helping your kids with their first home?

• Considering selling and downsizing to free up equity?

This is the time to align your mortgage strategy with your life goals.

Want to Talk It Through?

No pressure, no sales pitch. Just a real conversation about how your mortgage is doing, and whether any small changes could have a big impact.