I currently have a 7-year fixed term mortgage at 5.85% which will be up for renewal in 2015. Since I took out the mortgage, I have had to go on disability. I also co-signed on a credit card which now has a balance of about $20K. I have no problem managing my monthly expenses, but am concerned that my change in circumstances will make it harder for me to renew the mortgage when the time comes... asked by P.L., public service, Windsor, ON

There are a few different ways to approach this.

Today’s low rate environment will not last forever. The projections indicate that rates may be quite a bit higher in 2-3 years, close to what you are paying now. As such, you may want to consider early-renewal of your current mortgage. The best 5-year fixed rates are currently just north of 3%; the reduction in rate may make the change worthwhile. First though, you need to look into what your pre-payment penalty would be in order to weigh the pros and cons. If you feel that you are going to get stuck paying that credit card anyway, you may want to explore the option of rolling some or all of that into the new mortgage, should you decide to go ahead.

I am currently renting a home for $1025/month. I have 3 children and want to buy a home. I have been hearing messages from home owners, telling me to just stay where I am because I will lose if I buy. I want to develop a financial plan for my family. To buy or not to buy? asked by C.K., Windsor, ON

There are a couple of ways to interpret "losing" when referring to the purchase of a home.

Firstly, it could refer to losing equity if property values decrease after you have purchased. Indeed, there is always a possibility that values could slide in real estate, however the Canadian real estate market on a whole is relatively strong and stable at the moment. Individual markets can and do fluctuate in response to changes in the immediate economic culture - natural resources or employment, for instance. The real estate boom, subsequent slide, and recovery in Alberta in recent years is an example. My advice would be to research this with a respected real estate professional. They can provide you with some insight about your specific market.

I have had a mortgage since 2009. It is a 5 year term, no down payment, at 5.85% interest. Do I have to wait until the full 5 years are up before I can renegotiate my mortgage? asked by Anonymous, admin assistant, Fredericton, NB

My husband and I would like to buy a bigger condo for ourselves, but we would like to keep our current condo as an investment property. We owe $400K on our current condo and the bank has approved us to borrow over $600K more to buy a larger condo, putting us $1 million in debt!... asked by Anonymous, accountant, Vancouver, BC

My current mortgage amortization is 40 years. When I renew in 2013, will I be forced to take a shorter amortization due to recent changes to the rules? asked by Anonymous, office administration, Kelowna, BC

Great question! Many will benefit from this explanation.

The changes made by the government only apply to new mortgages. If you simply renew your existing mortgage without making changes, you can keep your amortization. In some cases, depending on the ratio of “mortgage loan” to “market value”, you may be able to transfer your mortgage to a new lender without changing the amortization as well.

After my divorce, I kept the family home: the consolidated debt combined with the new mortgage (which renews in a couple years). It's increasingly difficult to maintain the payments, do the necessary renovations and hold down two jobs. If I sell now and buy something cheaper, there would be an approx. $10K penalty for an early discharge on the existing mortgage. What do I do - stick it out with this home or make a move? asked by L., administrator, Kitchener, ON

Can you explain bridge financing to me - when buying one property and selling another. Do you only do it when you have a firm offer but the closing dates are different? asked by BellaDonnaRocks, planning to open a consignment store, small town, ON

I've been saving money for a while and have a substancial down payment for a home, though thanks to my young age, I have a weak line of credit and am only pre-approved for $140,000. Is there some way I can increase that line of credit to afford more without getting a co-signer? I already have a credit card and a loan account, both with a terrific record. Is there anything I can do or am I stuck? asked by Samantha, administration / data logistics, Edmonton, AB

I currently have 2 mortgages: one through a broker & one with a private lender, both due for renewal in August. I do not want two mortgages but I need one good mortgage that includes paying my taxes. What would be the best route to take...through a bank or through a broker, and fixed or variable rate? I am on a fixed income. asked by Anonymous, school bus driver & customer service rep, Trenton, ON

How much room do I have to negotiate a posted mortgage rate and do some mortgage brokers have access to better rates than others (and why)? asked by Anonymous, marketing manager, Toronto, ON

As a soon-to-be first time home buyer, I am interested in the costs associated with purchasing a home and first-year costs. For example, what costs do I need to consider when buying a home? asked by J. W., research coordinator, Waterloo, ON

What are the pros and cons of a fixed vs. variable mortgage? How do I decide which one to choose? asked by J. W., research coordinator, Waterloo, ON

What is a good amount/percentage of the house price to put down as a down payment? Also, how much emergency money should we have saved? asked by J. W., research coordinator, Waterloo, ON