Leah Zlatkin quoted in the Toronto Star: ‘Roughly half of mortgage holders have yet to face higher rates. How to start preparing now (and the one thing you should never do)’

Leah Zlatkin, licensed mortgage broker at Toronto-based Mortgage Outlet, says adapting to a jump in housing costs may take some mental reframing. Previously, many personal finance experts recommended spending no more than a third of your income on housing, she says. “That’s not realistic at this point in time.”

Zlatkin also recommends prepaying a portion of your mortgage, but to always check beforehand if you’re allowed to prepay without facing a penalty. Often, people will use extra cash to buy holiday gifts or go on a vacation. If they make lump-sum payments on their mortgage instead, they’d lower their principal balance and decrease future payments, she says.