Your Mortgage Person

Tracy Head • October 5, 2023

I had a call from one of my favorite realtors a few weeks ago asking if I could help her clients. She told me that the clients had started with another broker but that things didn’t seem to be going well. I told my realtor that I would chat with her clients but would not compete with another broker – I know how much work goes into putting a file together and won’t try to undercut another professional. I did chat with the clients. Their broker had an approval in place and their closing date was less than three weeks away. They were getting extremely frustrated with the multiple requests for documents. They couldn’t understand why the broker kept coming back for more and more paperwork.


I asked a few questions about their particular situation then spelled out the list of documents I would typically ask for (specifically for their situation) upfront. They got very quiet. It was almost exactly what their broker had asked for. In fact, the other broker had also asked for all of the documents upfront. They decided they would send bits and pieces based on what they felt like providing.


The other broker had the approval in place with a great lender and had a great package for the clients. We had a discussion about why lenders ask for the documents they do, and I told them that they were actually slowing their broker down by not providing the information he needed right away.


Not entirely sure that they were happy with my thoughts but they did send the rest of the documents to their broker the same night. Their financing was signed off the following day. Problem solved. The same realtor called last week with another set of clients who were struggling with their lender. After listening to what was happening I did end up working with these clients. They had shopped for the lowest rate online and reached out to one of the well-advertised discount brokerages. They had an accepted offer on their dream home. The clock was ticking on their financing clause.


I am assuming that they ended up working with a less experienced broker at the firm. They had been told the incorrect amount for their minimum down payment, no discussion was had about closing costs, no documents had been requested, and they were told in error that they would be exempt from the property transfer tax.


A week and a half of the time they had to line up their financing had already passed. They had four days left to finalize their financing. They are an amazing young couple who have worked hard to save their down payment and get their ducks in a row. They sent me their documents within a day and we had an approval with all of the conditions signed off in two days.


Two learnings out of these situations:


  1. When your mortgage person asks for specific documents, it makes the process go much smoother for you if you send in what they’ve requested. Taking a few minutes to make sure your documents clearly show your name is important. Sending all pages of the documents key.


  2. Work with a mortgage professional. Much like most other industries there are mortgage providers with different levels of knowledge and experience, and different personalities. Working with someone from a smaller firm (as compared to a high-volume discount brokerage) often means you will have someone who is far more attentive to your needs. It is wise to do your due diligence to make sure the person you are working with knows their stuff and is a good fit with you personality-wise.

a. Longer time in the industry does not necessarily mean more knowledge or experience. Some people who are newer to the industry take ongoing learning and work with mentors to offer their clients amazing service.


Buying a home is a huge investment and commitment. It is very challenging to qualify for a mortgage

right now, so working hand-in-hand with your mortgage person will help the process go much smoother for you.

Tracy Head

Mortgage Broker

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Home Inspection

By Tracy Head • March 28, 2025
In an ideal situation I have some time upfront to work with clients on their pre-approval. I like to go over what to expect in terms of both the process and what to expect in terms of closing costs when they have an accepted offer on a home. We usually talk about potential expenses like property transfer tax, an appraisal, a home inspection, home insurance, and legal fees. This time of year we also talk about upcoming property taxes for anything they are purchasing before July 1st. I think human nature is that we want to minimize our expenses and make sure we are getting the most bang for our buck. There are a few areas of cross-over where I anticipate the clients’ realtor will be speaking to them about items like the requirement to organize home insurance and the importance of a home inspection. In practice I think most realtors encourage their buyers to move forward with a home inspection because they want to ensure clients are not buying any surprises that will create headaches down the road. Sometimes clients are buying privately and are not represented. In those cases I always urge them to include a home inspection as one of their conditions. I have had clients question the need for a home inspection, particularly if they are buying a condo or a new build. Two recent examples have popped up that reinforce for me the importance of a home inspection: - We are working with a lovely first-time home buyer in the lower mainland. Her budget isn’t huge so she has been waiting and watching for the right property to come up, and for her offer to be the one chosen. The stars aligned for her last week. Her financing was approved and all of the financing conditions were signed off by the lender. We were doing a happy dance for her and had a rude awakening the day she did her home inspection. The home inspector found an ongoing leak in the kitchen that has created a soft wall which is indicative of a bigger problem. On a surface level the kitchen is beautiful and relatively recently updated. As a first-time home buyer with no family nearby our client was thrilled by the aesthetics of this condo, then devastated by the potentially expensive work needed to repair / rectify the damage. - The second situation really caught us by surprise. We have clients on Vancouver Island who have an accepted offer on a brand-new home that has never been lived in. They did choose to invest in a home inspection and we are so glad they did. It turns out that somehow some of the larger windows were installed incorrectly and this has created damage to the windows and a leak in one corner. Again, with a new build the temptation would often be to skip the home inspection. Yes, any issues with this home will be covered by warranty. Having the home inspection done and being aware of the issues upfront gives them a lot more power with respect to having these defects repaired quickly. Now that I’ve driven that point home, its important to know that not all home inspectors are created equal. Do your due diligence – look at reviews, look at the home inspector’s qualifications and length of time / experience doing home inspections. Going with the cheapest option is not always the best option.  Buying a home is the biggest investment you will likely make. Trying to save a few hundred dollars upfront may end up costing you thousands of dollars and sleepless nights down the road. Save yourself the pain and aggravation of hidden issues in your home.

Rate Wars

By Tracy Head • March 24, 2025
Annnnnnnd …. Its on!  Spring has arrived and with it comes a significant drop in mortgage interest rates. Over the last few months when I’ve chatted with clients who are renewing or planning to buy in the spring market I have said in almost every conversation that by mid-March rate wars tend to start. Regardless of what is happening in the interest rate environment as a whole it seems by the third week of March lenders start sharpening their pencils. Over the last two weeks we started to see lender bulletins trickle in advertising quick- close rate specials (ie: for mortgages finalizing within 60 days) and rate drops across the board. Today I have had updates from six different lenders and its only noon. Why is this important to you? Not all lenders have the same policies with respect to dropping their rates once your mortgage has been approved. When you go into a holding pattern after your mortgage has been approved but before it has finalized rates can change. If they go up, you are covered by the rate you have in place. If they go down, how does your lender deal with your file? Some lenders won’t drop your rate. Some lenders will drop it once. Some maybe twice. There are a few lenders that will drop your rate an unlimited number of times up to a few days before your mortgage finalizes. When I am choosing a lender for my clients this is absolutely one of the most important things I consider. All things being equal, if I can place a mortgage with a lender that offers unlimited rate float downs I will. I watch my calendar of upcoming closings and proactively reach out to those lenders to request better rates for my clients. It’s a win to be able to get the benefit of falling interest rates without having to change lenders. If you are buying a home, renewing your mortgage, or looking to refinance this is a key question you should ask your mortgage person. Find out whether they will adjust the rate on your mortgage and what the process is (do you have to request this?). At the same time, find out how many times they are able to reduce the rate for you. Regardless of the answer I suggest touching base with your mortgage person or lender periodically up to the time your finalize your mortgage to confirm you are receiving the lowest rate they have available for you.