Love is uncertain, your finances aren’t – what to do when the love is gone (Part 2 of 2)

Marci • April 30, 2012

In the last post, we covered listing assets and liabilities, and working out your monthly cash flow, when dealing with a separation. Now we move forward with steps that are less tedious, but more emotional. Remember, your life is moving forward through this process.

 

STEP THREE – Make copies of ALL important paperwork: Bills, insurance, mortgage documents, all of it. You need to sort your files, drawers and cabinets. This is not a time for misplaced or lost documents – you may need them in settlement proceedings.   This step is crucial to your ability to speak about your financial and personal affairs. While it sounds daunting (it will be time consuming) you may be surprised how therapeutic it can be to put your paperwork in order. If necessary, hire an organizer to help.

STEP FOUR – Talk to your Spouse: This may be the hardest step of all.   You need to decide how to divide the assets and liabilities. In a perfect world, together you will reach an agreement on who is moving out of the house or if you are selling, as well as custody of the kids and / or pets. However, given that emotions run high, you will likely need to involve a neutral third party.   Getting to this division of assets and liabilities as well as custody and other agreements may require lawyers, or perhaps a mediated process. It is very rare for couples to settle matters without some outside guidance. Choose what works best for both of you and follow through with what you are advised to do.   Steps one and two will go a long way towards helping you move through this step smoothly.

 

Factors to consider throughout all four steps:

Alimony and Support: After the separation, one of you may receive monthly payments from the other. Keep in mind that any money you receive will help you qualify for a future mortgage. It is important to have these payments documented and recorded on your monthly bank statements.   If you are paying your spouse, make sure that your payments are well documented. Most lenders understand support payments and treat them fairly.

Mortgage: If your family home and mortgage are in both of your names, you have probably wondered, “what will happen to the house?”

Don’t panic. Sit down with a mortgage professional and run some numbers. With an estimate of your monthly cash flow (thank goodness we took care of that in step two), your mortgage broker will show you how much you can afford to borrow on your own. Remember, alimony and support can help you to qualify for a mortgage.   If your mortgage is not in both names, you will definitely need financial and legal advice to ensure the separation is fair to both of you.

Like all things, this too shall pass. At times, the process of separating a relationship and finances may feel like a never ending, painful journey. These few brief paragraphs certainly simplify the financial aspect, but it can be a long and difficult one. Remember to take time for yourself. Make a commitment to do things you enjoy and the rest of this “work” will be easier.

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Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Marci Deane • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

How to Legally Assign a Construction Mortgage

By Marci Deane • October 21, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.

Monthly vs. Biweekly Mortgage Payments: Which Is Better?

By Marci Deane • October 14, 2026
How Mortgage Payment Frequency Affects What You Pay Over Time You’ve probably heard the saying that there are two certainties in life: death and taxes. When it comes to your mortgage, there’s really just one certainty—you’ll repay what you borrow, plus interest. What is flexible, though, is how often you make your mortgage payments. And that choice can have a meaningful impact on how quickly you pay down your mortgage and how much interest you pay over time. The Six Mortgage Payment Frequencies Most lenders offer the following payment options: Monthly – 12 payments per year Semi-monthly – 24 payments per year Bi-weekly – 26 payments per year Weekly – 52 payments per year Accelerated bi-weekly – 26 payments per year Accelerated weekly – 52 payments per year Standard Payment Frequencies The first four options are designed to align with how you get paid. For example: Paid monthly? Monthly mortgage payments may make sense. Paid every two weeks? Bi-weekly payments can align nicely with your cash flow. With these standard options, regardless of how often you pay, the total amount paid over the year is the same —it’s simply divided into more frequent payments. What Makes “Accelerated” Payments Different Accelerated payments work differently—and this is where the real savings happen. With accelerated bi-weekly or accelerated weekly payments, you’re paying a slightly higher amount each time. That extra money goes directly toward reducing your mortgage principal, which lowers the interest you’ll pay over the life of the mortgage. A Simple Example Let’s assume a $1,000 monthly mortgage payment: Monthly: $1,000 once per month = $12,000 per year Semi-monthly: $500 twice per month = $12,000 per year Bi-weekly: $1,000 × 12 ÷ 26 = $461.54 every two weeks = $12,000 per year Accelerated bi-weekly: $1,000 ÷ 2 = $500 every two weeks = $13,000 per year With accelerated bi-weekly payments, you effectively make two extra payments per year without having to think about it. Those extra payments reduce your principal faster, which lowers interest costs over time. Accelerated weekly payments work the same way—you just make smaller payments more frequently. Why This Matters Long Term While it’s difficult to calculate exact savings due to variables like interest rates, terms, and amortization changes, maintaining an accelerated payment schedule over the life of your mortgage can reduce your amortization by up to three years and save a significant amount of interest. The Bottom Line Accelerated payments are a simple, automatic way to lower your overall cost of borrowing—without needing to make lump-sum payments or drastically change your budget. If you’d like to see how different payment frequencies would impact your mortgage specifically, feel free to reach out anytime. I’d be happy to walk through the numbers with you and help you choose the option that fits your goals.