Owner and founder of Cultivate + Evolve, Catherine Melville
KELOWNA – When Catherine Melville founded Cultivate + Evolve, she aimed to reflect the essence of the mortgage industry in its name. With over a decade of experience since 2009, Melville’s approach sets her apart through unparalleled service, education, and extensive product knowledge.
“Our strength lies in our diverse expertise, covering conventional lending with banks, non-banks, alternative financing, and private solutions,” says Melville. “This broad scope allows us to address various financial needs and offer comprehensive solutions, including commercial options for business clients.”
A significant portion of Melville’s clients are self-employed, facing unique financial challenges and opportunities. She provides complimentary consultations to help clients navigate Canada’s evolving lending landscape and her client-focused approach and commitment to education empower clients to make informed financial decisions.
Despite existing relationships with banks, Melville stresses that these institutions offer a limited range of products. “Banks provide a fixed suite of options that may not align with your specific needs,” she says. “As mortgage professionals, we have access to a wider array of financial products, including banks, credit unions, non-banks, and private lenders. This broadens your options and allows for tailored solutions.”
Catherine Melville has helped over 500 Canadian families and assisted in securing over $450 million in mortgages
Self-employed individuals often face complex financial transitions as their businesses grow. Melville emphasizes the importance of managing cash flow and having adequate funds for both planned and unexpected expenses. “It’s not always about the interest rate; it’s about managing cash flow effectively and ensuring you have funds for immediate needs,” she notes.
Melville frequently encounters clients concerned about cash flow, unsecured debts, and tax balances. During challenging times, the focus is often on managing payments rather than the interest rate itself.
“Many are more concerned with having manageable payments than the rate,” she says. “Financial survival is a reality for some, and it’s crucial to address these concerns openly.”
The current higher rate environment has added strain to Canadian households, but Melville sees an opportunity for proactive planning. Most mortgages will mature in the next few years, with CMHC projecting $250 billion in 2024, $350 billion in 2025, and $300 billion in 2026 for mortgage renewals. “Planning ahead is key,” Melville advises. “I recommend reaching out four to six months before your mortgage matures. This allows us to make necessary adjustments, file taxes, and secure rates in advance.”
Navigating the complexities of today’s financial landscape can be daunting, particularly for self-employed individuals. Melville emphasizes the value of having an expert to guide you through this terrain and present the best options.
“The lending landscape is becoming more intricate due to evolving federal and provincial regulations, higher rates, and stricter lender policies,” she observes. “Working with a knowledgeable expert is essential to align your financing with your financial goals, whether it’s consolidating debt, repaying taxes, acquiring investments, buying a home, or securing commercial space.”
In a time of higher rates and changing regulations, Melville’s expertise offers clients a clear and supportive experience tailored to their financial needs.
www.cultivateevolvefinancial.com
By Tyler Nyquvest