3 Things to Review on Your Mortgage Statement Before February

A Mortgage Health Check for Toronto, GTA & Calgary Homeowners

Because “I’ll deal with it later” is not a mortgage strategy!

January is when we all pretend we’re becoming brand-new people. New calendar. New goals. Maybe even a gym membership that feels very real until February.

But if you want a financial reset that actually makes a difference (and takes less time than meal-prepping), pull up your most recent mortgage statement.

Whether you own a condo in downtown Toronto, a freehold in the GTA, or a rental property in Calgary, your mortgage statement holds a few details that can quietly impact:

• your monthly cash flow

• your flexibility (refinance, move, invest)

• your long-term wealth (how fast you build equity)

Most people only look at their mortgage when the lender forces the issue at renewal. That’s like only checking your car’s oil when the engine light starts flashing.

This is your quick Mortgage Health Check — no spreadsheets, no stress, no kale.

1) YOUR INTEREST RATE

Yes, even if you’re fixed. Most homeowners can tell you their mortgage payment instantly. Their interest rate? That’s usually filed under “I’ll look at it later.” Here’s why it matters right now:

IF YOU’RE VARIABLE RATE:

Variable mortgages can change your financial rhythm quickly. Depending on your product, rate changes can affect:

• your monthly payment

• the portion going to interest vs principal

• in some cases, whether your payment is covering interest at all

What to check on your statement:

• Current interest rate (not the “discount” or “prime minus” — the actual rate)

• How much of your last payment went to interest vs principal

• Any notes around “adjustable payments” or “payment allocation”

Why this matters for Toronto/GTA/Calgary owners:
In higher-priced markets (Toronto/GTA especially), a small rate shift can move real dollars. In Calgary, many owners have smaller loan balances and may have more flexibility to attack principal faster — but you only see that opportunity if you know where the interest is landing.

IF YOU’RE FIXED RATE:

Even if your payment won’t change, your rate still matters because it affects planning. The best mortgage decisions are usually made 12–18 months before renewal, not when the lender email arrives like a jump scare.

Quick gut-check questions:

• Does this rate still fit my goals this year — stability, flexibility, or growth?

• Am I likely to move, refinance, or invest before my term ends?

• Would switching later come with a penalty that I should plan around now?

Pro tip: If you’re thinking about upsizing, downsizing, or selling within 1–3 years, it’s worth understanding your mortgage terms early. Some mortgages are easy to move (portable), others are… not.

2) YOUR TERM EXPIRY DATE

The sneakiest date in your life! People remember birthdays….Mortgage maturity dates somehow vanish until they’re urgent. If your mortgage matures in the next 12–24 months, you’re already in the window where planning early can mean more options and sometimes better outcomes.

What to look for on your statement:

• Maturity date / term expiry

• Remaining amortization

• Current balance

Why January is the ideal time to check:

Because early planning gives you leverage while waiting gives you a deadline. If your renewal is coming up, planning early can help you:

• compare lenders without rushing

• time a refinance (if it makes sense)

• align your mortgage with real life plans (renovations, investing, selling, buying)

Toronto/GTA vs Calgary nuance:

• Toronto/GTA: A lot of homeowners are juggling bigger mortgages, condo fees, higher carrying costs, and tighter cash flow. Renewal planning isn’t just “rate shopping” — it’s often about monthly payment strategy and keeping flexibility.

• Calgary: For many owners, there may be more room to manage cash flow or make principal prepayments — but that depends on the mortgage product. Calgary investors especially should check if their financing structure still matches their rental strategy.

Rule of thumb:
If your mortgage matures before the end of next year, it’s already worth a conversation.

Most mortgage mistakes aren’t made because someone chose “wrong.”
They happen because someone chose late.

3) YOUR PREPAYMENT OPTIONS

Your mortgage’s “bonus features”! Most mortgages include prepayment privileges, but people treat them like terms & conditions: technically important, rarely read.

January is when people plan what to do with:

• bonuses

• tax refunds

• commission cheques

• “extra money” that doesn’t show up every month

You don’t need to prepay — but you should know what you can do.

What to look for:

• Annual lump-sum allowance (often 10–20% of original principal)

• Payment increase options (raise payment by X%)

• Extra payment rules (weekly/biweekly accelerations, double-ups, etc.)

• Any notes about penalties or restrictions

Why this matters (in real-life terms). A lump-sum payment doesn’t just reduce your balance, it can reduce the interest you pay over time, and shorten how long you’re paying interest.

But there’s a strategy angle too:

• If your mortgage rate is relatively low and you have higher-return opportunities (investing, debt paydown elsewhere, business growth), prepaying might not be priority #1.

• If your mortgage is expensive and cash flow is tight, even small prepayments can create long-term breathing room.

The key is having the option available — and knowing the rules.

BONUS: TWO “HIDDEN” ITEMS WORTH CHECKING

Because your mortgage statement can tell you more than you think.

A) Remaining amortization

This tells you how many years you have left if everything stays the same.

Why it matters:

• A refinance can reset amortization (lower payment, slower equity build)

• A lump-sum can shorten amortization (faster equity build)

• For investors, amortization impacts cash flow and long-term return

B) Penalty language (if you break the mortgage early)

If there’s even a chance you’ll move or refinance during the term, it’s worth understanding how penalties work at a high level.

What to look for:

• “Prepayment charge,” “IRD,” or “interest differential”

• Any restrictions on lump sums

• Notes about portability

If you’re not sure what you’re reading, you’re not alone — the wording isn’t designed for clarity. But spotting it early can help you avoid expensive surprises later.

FAQ

“Should I refinance or just renew?”

It depends on your goals. Renewal is usually simpler. Refinancing can create options (cash out, restructure, extend amortization) but can also come with costs/penalties. The right move depends on timeline, cash flow, and what you’re trying to accomplish.

“Should I prepay my mortgage or invest?”

There isn’t one universal answer. It comes down to:

• your mortgage rate

• your risk tolerance

• your cash flow stability

• your investment timeline

Knowing your prepayment rules gives you the flexibility to choose strategically.

“What if I’m planning to sell in 2026 or 2027?”

Then your mortgage terms matter a lot. Some products penalize early exits more than others. It’s worth understanding this early so you’re not boxed in later.

Want a Second Set of Eyes?

Your mortgage isn’t just a bill — it’s a wealth-building tool. And tools should get checked once in a while… ideally before they start making weird noises.

If you want:

• a second set of eyes on your mortgage statement

• help timing a renewal or refinance

• a strategy chat tied to investing, cash flow, or real estate planning (Toronto/GTA or Calgary)

I’m happy to take a look and help map out next steps. Because “I’ll deal with it later” might work for gym memberships BUT it’s rarely a winning mortgage strategy.

Book a quick call HERE . No pressure. No sales pitch. Just clarity (and fewer surprises).