With the multiple interest rate hikes that we’ve been experiencing here in Canada, many Canadians have seen their monthly cashflow take a hit, whether it’s because you have a variable rate mortgage, a line of credit, or other forms of debt. So what are your options if you’re paying more than you’d like on your interest payments, or maybe you have that mortgage coming up for renewal and you’re going to have to make that multi-thousand dollar decision on how you’re going to proceed? Should you go with a fixed or variable rate mortgage when interest rates are high like they are right now? Keep in mind too that if you have a mortgage coming up for renewal, then you won’t be able to get as good of an interest rate upon renewal, as you did when you first got that mortgage years ago, due to all these massive interest rate hikes that we’ve been experiencing. To tackle all of this, I’ve brought on an expert that deals with these types of interest and mortgage related questions every day, and that is the show’s resident mortgage expert, Sean Cooper.  Sean is who I go to and who I send friends and family to for any mortgage related questions. He is the bestselling author of the book Burn Your Mortgage, and he is an independent mortgage broker so he’s not tied to any one particular lender which gives him access to the top mortgages available in Canada. Sean has also been kind enough to answer for free, any questions that you, the Build Wealth Canada listeners have. I’ve set up a special page for him so all you have to do is go to buildwealthcanada.ca/sean, and there you can send him a message with your questions, or, if you prefer, you can even pick a time on his calendar on that page for a phone or video call to get your questions answered with him live, for free. Sean is a licensed mortgage broker too, so I definitely also encourage you to reach out to him if you’re looking to get a new mortgage or if your mortgage is coming up for renewal, as at the very least he’ll be able to provide you with a short list of the best mortgages that he’s been able to find across all of Canada from the 60+ lenders that he monitors. None of this costs you anything, and there’s no obligation to get your mortgage through him or use any of those suggested mortgages. That link again to get in touch with Sean to get your questions answered, and get his research on the best mortgages that he’s been able to find in Canada is over at  buildwealthcanada.ca/sean. Enjoy the episode. :) Questions Covered:    After pausing rate hikes since January, the Bank of Canada shocked many by starting to raise interest rates again in June. What was behind this? What does the future hold? Some homeowners in Canada are facing a doubling or more of their mortgage rates at renewal. What options do homeowners have? For those in that situation where they’ll be dealing with deciding between a fixed vs variable mortgage, how should they be approaching this dilemma, factoring in the current interest rate environment? When you and I spoke offline, you mentioned that there is a really big missconception that some people have when it comes to mortgages, that could really be causing them to overpay on their mortgages. Can you speak to that? With higher interest rates, it’s not all doom and gloom since tools like high interest savings accounts and GICs are now paying out more to us consumers compared to what they were offering when we had those rock bottom interest rates. Are there any tools or strategies that you are using yourself or are fond of, when it comes to taking advantage of these higher interest rates and how are you investing these days when it comes to the fixed income portion of your portfolio? (ex. HISA vs GIC vs Bonds). Are you buying more shorter-term or longer-term investments? (ex. short term vs longer term bonds/GICs etc.) If any of the listeners have some form of debt, and they suspect that m