Let’s Talk Dirty – Part 3

Marci • January 12, 2012

Five Step Debt Reduction Plan

Our goal is to assess your debt then work to reduce it. The first half of building wealth is saving with your wealth account. The second half is to reduce your debt. Both need to happen at the same time.

Here is the 5 step plan:

Step 1 :  Fill out the debt elimination box, listing every debt that is not secured against an asset.
 Debt Name Amount  $ (2) Min Payment  (3) Interest Rate Factoring #
Step 2: The Factoring #

Take the number in column 2 and divide that number by the number in column 3. This is the “factoring number.” Fill in the factoring number for each debt.

Step 3: Priority Pay-off Box

Take the debt with the lowest factoring number and list it first. This debt is the first priority payoff.  Continue to list the debts in order of their factoring number, with the lowest factoring number debt in first place, the debt with the second lowest factoring number in the next, and so on.

 Order of Payoff Name of Debt Factoring # Min Payment

Download my FREE Budget Spreadsheet HERE ……It will guide you through these steps.

Step 4: The Jump Start

At this point, you need to create a household budget. If you’ve never done one, I have tools and tips to help you with the process. A budget gives you a clear understanding of where your money comes from and where it is being spent. Budgeting also enables you to see what expenditures can be reduced or eliminated

Looking at your budget, in addition to the minimum debt payments required, you are also going to take $200 from your current spending and allocate it to debt. This may sound intimidating, but consider that $200 a month translates to about $7 a day. By reviewing your budget, reallocating $200 may not be as difficult as you think.

Step 5: Debt Payments

Take the debt listed first in the priority pay-off box and apply the $200 allocation to it. Continue to pay the minimum monthly payments on all your other debts. Once you have paid off the first debt, apply the same payment method to the second debt listed, and so on. Your commitment to making minimum payments while also applying the jump start allocation is vital. Also consider the accelerated payment that happens when, as you pay off one debt, its minimum payments stay within the debt pool (add to the $200) and contribute to the next debt’s payments.

By the time you get to the debt at the bottom – the one with the highest factoring number or the number of months to pay off the debt based on the original monthly payments – you will see that you will pay the debt off much faster than the factoring number states.

Download my FREE Budget Spreadsheet HERE ……It will guide you through these steps.

And just like that, no more dirty laundry!

 

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Everything You Need to Know About Second Mortgages

By Marci Deane • May 6, 2026
What Is a Second Mortgage, Really? (It’s Not What Most People Think) If you’ve heard the term “second mortgage” and assumed it refers to the next mortgage you take out after your first one ends, you’re not alone. It’s a common misconception—but the reality is a bit different. A second mortgage isn’t about the order of mortgages over time. It’s actually about the number of loans secured against a single property —at the same time. So, What Exactly Is a Second Mortgage? When you first buy a home, your mortgage is registered on the property in first position . This simply means your lender has the primary legal claim to your property if you ever sell it or default. A second mortgage is another loan that’s added on top of your existing mortgage. It’s registered in second position , meaning the lender only gets paid out after the first mortgage is settled. If you sell your home, any proceeds go toward paying off the first mortgage first, then the second one, and any remaining equity is yours. It’s important to note: You still keep your original mortgage and keep making payments on it —the second mortgage is an entirely separate agreement layered on top. Why Would Anyone Take Out a Second Mortgage? There are a few good reasons homeowners choose this route: You want to tap into your home equity without refinancing your existing mortgage. Your current mortgage has great terms (like a low interest rate), and breaking it would trigger hefty penalties. You need access to funds quickly , and a second mortgage is faster and more flexible than refinancing. One common use? Debt consolidation . If you’re juggling high-interest credit card or personal loan debt, a second mortgage can help reduce your overall interest costs and improve monthly cash flow. Is a Second Mortgage Right for You? A second mortgage can be a smart solution in the right situation—but it’s not always the best move. It depends on your current mortgage terms, your equity, and your financial goals. If you’re curious about how a second mortgage could work for your situation—or if you’re considering your options to improve cash flow or access equity—let’s talk. I’d be happy to walk you through it and help you explore the right path forward. Reach out anytime—we’ll figure it out together.

Bank of Canada Holds Rate at 2.25% — April 29, 2026

By Marci Deane • April 29, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. This decision comes against a backdrop of significant global uncertainty — and for Canadian homeowners, buyers, and anyone with a mortgage coming up for renewal, here's what it means.

Your Guide to Successfully Navigating the Housing Market

By Marci Deane • April 22, 2026
Wondering If Now’s the Right Time to Buy a Home? Start With These Questions Instead. Whether you're looking to buy your first home, move into something bigger, downsize, or find that perfect place to retire, it’s normal to feel unsure—especially with all the noise in the news about the economy and the housing market. The truth is, even in the most stable times, predicting the “perfect” time to buy a home is incredibly hard. The market will always have its ups and downs, and the headlines will never give you the full story. So instead of trying to time the market, here’s a different approach: Focus on your personal readiness—because that’s what truly matters. Here are some key questions to reflect on that can help bring clarity: Would owning a home right now put me in a stronger financial position in the long run? Can I comfortably afford a mortgage while maintaining the lifestyle I want? Is my job or income stable enough to support a new home? Do I have enough saved for a down payment, closing costs, and a little buffer? How long do I plan to stay in the property? If I had to sell earlier than planned, would I be financially okay? Will buying a home now support my long-term goals? Am I ready because I want to buy, or because I feel pressure to act quickly? Am I hesitating because of market fears, or do I have legitimate concerns? These are personal questions, not market ones—and that’s the point. The economy might change tomorrow, but your answers today can guide you toward a decision that actually fits your life. Here’s How I Can Help Buying a home doesn’t have to be stressful when you have a plan and someone to guide you through it. If you want to explore your options, talk through your goals, or just get a better sense of what’s possible, I’m here to help. The best place to start? A mortgage pre-approval . It’s free, it doesn’t lock you into anything, and it gives you a clear picture of what you can afford—so you can move forward with confidence, whether that means buying now or waiting. You don’t have to figure this out alone. If you’re curious, let’s talk. Together, we can map out a homebuying plan that works for you.