In a context where a large proportion of mortgages are reaching maturity, renewal becomes a strategic step. Through her contributions in La Presse, notably in the articles Four Questions for Renewal Season and Should We Expect a Wave of Mortgage Defaults?, as well as on Radio-Canada Ohdio, Cathy Vachon, mortgage broker at Multi-Prêts, emphasizes that it’s not just about choosing a rate—it’s about reassessing your entire financial situation. For her, it all starts with one thing: planning ahead in order to think, analyze, and build a strategy tailored to your needs.
Plan Early to Stay in Control
Cathy Vachon stresses the importance of starting the process early, sometimes up to a year before renewal. This timeframe allows you to develop a clear game plan without pressure, taking into account upcoming projects, existing debts, and potential adjustments. Renewal then becomes an opportunity to reposition your mortgage according to your reality, rather than a last-minute formality.
Put Payment Increases Into Perspective
With rising interest rates, many fear a significant increase in their payments. Cathy Vachon encourages putting things into perspective by focusing on concrete numbers. Calculations should be based on the remaining balance—not the original amount—which often changes how the increase is perceived. Most importantly, she reminds borrowers that there are ways to adjust, such as revisiting amortization or adapting the strategy to maintain financial balance.
Adapting to Each Situation
Whether choosing between a fixed or variable rate, considering a virtual lender, or planning a life change, Cathy Vachon advocates for a personalized approach. Every decision should reflect the client’s risk tolerance and goals. In a constantly evolving market, she also highlights the importance of staying alert to opportunities, as conditions can change quickly. More than just guidance, the mortgage broker’s role is to help navigate these decisions with clarity and confidence.