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Tracy Head Mortgage Broker

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Tracy Head

Serving clients in Alberta & BC from my office in the Okanagan.

I love to help my clients achieve their dreams! My goal is to create client delight - to help make the process a smooth one, so my clients can focus on the things that matter most.


With over 10 years of experience as a mortgage broker and having bought and sold multiple homes myself, I understand the challenges and frustrations that come along with buying or refinancing a home.


Let me save you time and money by doing the research and walking you through the entire mortgage process.

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Mortgage financing can be confusing, it doesn't have to be when you follow my plan.

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The best place to start is to connect with me directly. The mortgage process is personal. My commitment is to listen to all your needs, assess your financial situation, and provide you with a clear plan forward.

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Sorting through all the different mortgage lenders, rates, terms, and features can be overwhelming. Let me cut through the noise, I'll outline the best mortgage products available, with your needs in mind.

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When it comes time to arranging your mortgage, I have the experience to bring it together. I'll make sure you know exactly where you stand at all times. No surprises. I've got you covered.

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If you'd prefer to start the mortgage process by completing an online mortgage application, here's where we make that happen!

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If you would like to complete your mortgage application over the phone, choose this option, we'll have time to discuss all your options!

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Mortgage Brokers across Canada working together to make a difference in the lives of those who need it most.

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You’ve worked hard your whole life. You deserve to enjoy the retirement lifestyle you've always imagined.

We specialize in mortgage financing for Older Canadians.
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Calculate your total cost of owning a home

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You can keep up to date with all things mortgage related by reading my mortgage column.

By Tracy Head 07 Mar, 2024
One of the things that I love about my work is that I am able to connect with all types of homebuyers.  I am able to support first-time homebuyers as they make the leap into the housing market, clients looking to upsize from their first homes, clients who are wanting to refinance for renovations or to consolidate consumer debt, and more established clients who are looking to downsize. Lately it feels that clients who are wanting to downsize are having a tough time. They want to be able to confidently write a subject-free offer on their next home but are concerned about listing their current home for sale in the event it doesn’t sell in time. They don’t want to list their current home for sale and potentially find themselves without a suitable property to buy. What is the answer? If the current home is mortgage-free, there are several mortgage options available. There are also private lenders that will register a mortgage over both the current home and the home being purchased (provided the numbers work). Provided the current home is mortgage-free we can look at registering a credit line against that home in preparation for finding the next home to buy. When the clients find their next home we can use a combination of the funds from that credit line plus a mortgage on the new property to move forward with the next home. This strategy is not for everyone. In the Okanagan, people who are making this move may be downsizing, but downsizing to what in terms of purchase price? Often the next home is still priced near or over $1,000,000. To carry financing on a purchase at that price can cost upwards of $7,000.00 per month plus significant fees if using a private mortgage option. One creative option clients used recently was listing and selling their current home knowing that they were prepared to wait for the right home to pop up. As they neared their sale date they had not found their next home yet, so they rented a storage container and packed everything up temporarily. They were fortunate that they were able to stay with family for several months until the right home popped up. This put them in a brilliant position to buy with no financing subject in their offer. Another option that clients have used recently was truly downsizing in both price and space. Their home in Kelowna was appraised at $1,750,000. Based on their financial picture we were able to secure a credit line for $800,000. It took just over a year but they fell in love with a beautiful patio home in West Kelowna. Their new home was priced at just under $700,000 so they knew they had the funds available if they listed their home and it did not sell in time. Over the last few months I have spent time at several open houses in West Kelowna with realtors I know. It has been interesting to chat with people about the specific things they are looking for in their retirement home. Part of what we have talked about are future life plans. Many people have talked about wanting to do more travelling and / or spending winters in warmer places. As people ease into retirement their needs change. Homes in age-restricted gated communities with amenities like pools and recreation centres are becoming more popular. This coming weekend (Saturday March 16,2024 from 12:00pm to 2:00 pm) I will be at 3407 Ironwood Drive in West Kelowna, which is listed by Sharon Walton with Royal LePage Kelowna (MLS ®10302186). If you are looking to right-size for retirement, a home like this might be exactly what you are looking for.
By Tracy Head 26 Feb, 2024
There were several announcements made recently that I am very excited about – changes that will help make it easier for people to afford to buy and afford homes.  Effective April 1, 2024 the BC Provincial Government has increased the purchase price for First Time Home Buyers (FTHB) and buyers purchasing newly built homes to qualify for the Property Transfer Tax (PPT) Exemption. Up until then, FTHB who bought a home with a fair market value of $500,000 or less (assuming they met all of the program qualifications) were exempt from paying PPT. PPT on a home priced at $500,000 would normally incur PPT of $8,000 so this is a considerable help for FTHB. After April 1st, the exemption will now be granted for FTHB purchasing homes up to a fair market value of $835,000. There will be a partial exemption up to $860,000. On a home with a purchase price of $800,000 this means a savings of $14,000 for FTHB. This is particularly significant because this is a closing cost that cannot be added to the mortgage; it must be paid up front. Using this same example, the minimum down payment on an $800,000 home is $55,000. One of the biggest challenges people face is trying to save their down payment, so this increase in the exemption will be a huge help for many clients. There are other exemptions to the PPT that have changed. People buying newly built homes, regardless of whether they are FTHB or not, can be exempt from paying the PTT. Up until April 1, 2024 the purchase price for this exemption is $750,000. Effective April 1st, this exemption will increase to $1,100,000 with a partial exemption up to $1,150,000. The second program that is being introduced April 1, 2024 is the Secondary Suite Incentive Program. In a nutshell, the provincial government will provide a forgiveable loan of up to fifty per cent of the cost of renovations to add a secondary suite to an existing home, to a maximum of $40,000. Applications for this program will be accepted starting April 17, 2024. For the loan to be fully forgiven there are conditions that must be met: The unit must be built in the same location the homeowner lives The unit must be rented out below market rates for five years I attended a learning session with one of my favorite lenders this week about the program and they are still trying to sort out how we will be able to combine this with a purchase or a refinance to help clients get the funds they need to participate in the program. There are many details we do not have yet, but you can find the initial information at Secondary Suite Incentive Program | BC Housing . There are many listings my clients look at that can be easily renovated to facilitate a secondary suite so it will be interesting to see how we can use the program to help clients generate income to help cover their mortgages while at the same time creating more affordable housing options for renters.
By Tracy Head 12 Feb, 2024
“Why do they need THAT?” “It wasn’t like this the last time I bought a house”. One of the common frustrations shared by mortgage applicants is the amount of paperwork required to get a mortgage. With interest rates higher right now I’m finding lenders are being even more particular about what they require to approve mortgage applications. While it may seem like a tremendous amount of documentation is required, we need to step back and think about the fact that we are asking a lender for several hundred thousand dollars. Would you lend this amount of money to someone you barely know? Lenders don’t ask for additional paperwork to make your life difficult. They are doing their due diligence to ensure that you will be able to repay your mortgage. Under Canada’s anti-money laundering legislation and anti-terrorist financing regime, potential lenders are required to document large or suspicious deposits. How can you make this a little more straightforward on your end? If you are getting ready to buy a home, make sure your paperwork is organized. Process-wise, I send my clients a list up front of the documentation they will most likely need for their mortgage approval. It may seem like overkill in some cases, but by being organized upfront I am often able to have an approval within a few days … and sometimes even the same day. Regardless of how prepared we are upfront, lenders will sometimes ask for additional information, so don’t be surprised if you are asked for even more documentation. Many lenders require verification of two years consistent employment so it is helpful to dig out T4s and Notices of Assessment from Canada Revenue Agency for the last two years. You will need to ask your employer for a letter that outlines your salary, position, and start date. You will also be asked for a current pay stub. You will need to demonstrate where your down payment is coming from. Lenders need a ninety-day history, so that means you will need to provide bank statements for the last three months. It is key that the statements you provide clearly show your name and account number. DO NOT scratch out the transaction list as lenders will not accept this. If you have any large deposits during the last three months (generally over $2,000) you will also have to show a ninety-day history for those funds. If you are self-employed, you will likely require additional information. Depending on the mortgage product you are using, expect to be asked for your Notices of Assessment and complete T1 Generals for the previous two years. If you are incorporated, you will likely be asked for confirmation of that. A mortgage broker recently used an analogy with one of his clients. The client was a tradesperson. The broker explained that if the client didn’t have all of the materials and supplies needed he would not be able to complete his construction project. For a mortgage broker, your paperwork is the equivalent of those materials and supplies. Without the proper paperwork, we cannot get your mortgage approved. If you are thinking about buying a home, or already out looking, the more prepared you are with your paperwork the smoother your approval will go. And your mortgage professional will be very grateful.
By Tracy Head 26 Jan, 2024
It feels like I’m harping on the subject of mortgage renewals, and that may well be the case. Many of my conversations with clients right now are deep dives into renewal options. One of my calls this week really struck me. I was talking to Jim (name changed of course), a new client whose mortgage is currently with one of the big banks. After we worked through the initial questions I start with, he shared that the renewal department of his current bank had started calling him in December. His mother had just had a stroke and he was at the hospital with her. He tried to tell the renewal officer that it was a bad time. The person calling kept pushing him to commit to locking into a 5 year fixed term for his renewal and told him this ”great rate” would not be available if he didn’t commit that day. He hung up. The renewal officer called repeatedly, sometimes up to three times per day. Once I had a better idea of Jim’s situation and plans for the future we chatted about options for him. As it turns out, he is on the home stretch towards having his mortgage paid out. More important is his plan to retire in three years, sell this home, and move to a smaller home that he already owns in the Oliver area. He had no idea that he could even choose a three-year term. He has always gone with a five-year term thinking that was his only option. We played with some figures to see how he could pay his mortgage off within his three-year plan. In his case, he will be staying with his current lender because that makes the most sense given his timeframe to retire and sell his home. The eye-opening takeaway for me was the high-pressure sales tactic used by the renewal officer. Not all banks nor renewal officers operate the same way, but they often don’t take the time to get to know the clients they are working with never mind offer them options and solutions with the clients’ needs in mind. If you have a mortgage renewal coming up over the next few months I encourage you to reach out to a mortgage professional to look into your options. Your renewal is the best time to make changes to your mortgage so it is important to invest some time to make sure you make the decision that is best for you, not your bank.
By Tracy Head 02 Jan, 2024
During the week between Christmas and New Years I spent time reflecting on my past year and did my planning for the upcoming year. This included a review of my financial situation as well as a look-back over the fun things I did, what I feel went well and what I would like to do differently for the coming year, as well as setting new goals for 2024.  One of the things I took a look at was my mortgage. I have stayed with my variable rate over the last year (ouch) but I did make a dent in the principal which was satisfying to see. There are a significant number of Canadian mortgages coming up for renewal in 2024 and 2025. For my clients that I’ve chatted with already there is a bit of sticker shock with where interest rates are now. Interestingly, when I compare the stress-test rate we used to qualify the clients originally it is not far off from the interest rates available now. Mortgage renewals are not just about getting the best rate. I had a great conversation with a friend of mine the week before Christmas. We did a quick review of her current finances and talked about her plans for the next few years. Her mortgage comes up for renewal mid-March. Her first question was with respect to the best rate that I could get for her. I reviewed several lenders and went over the rates they were offering for a fixed rate five-year term. Her mortgage was originally insured (default insurance with CMHC) so several of the options were very appealing. When we dove into her finances and her plans for the next few years we ended up looking at several other options. In her case she is carrying significant balances on her credit line and credit card. She has been renovating her home and has more work to do. She also needs to replace her furnace and hot water tank. Her goal is to sell her home over the next few years then move somewhere very warm for her retirement. Based on this information, we looked at other lenders that offer hybrid mortgages. Hybrid mortgages offer both an amortizing portion and a credit line. We are going to refinance to pay off her credit line and credit card and pull some funds for the work she has left to do. More importantly, we are going to move forward with a three year term instead of a five year term. She wants the stability of a fixed rate but the flexibility of a shorter term so she doesn’t have a significant penalty to pay if she sells her home shortly before the three year term is up. We are not moving forward with the lowest rate I could find but rather with the package that best fits her financial goals. If your mortgage is coming up for renewal (or even if it isn’t) my recommendation is that you connect with a mortgage professional to review your options rather than just signing the renewal offer that your current lender sends out. Wishing you all a wonderful 2024!
By Tracy Head 15 Dec, 2023
As we move into the busiest part of the holiday season mortgages are the last thing on most peoples’ minds. I’ve been working on a home purchase for a young client that is set to close the week before Christmas. This file has reminded me of how important it is that people do their homework before writing an offer to buy a home. My client lives and works in northern BC. He moved from the Okanagan to complete his apprenticeship. He is very careful with his finances. He chose to share a basement suite with a fellow employee rather than rent an apartment. He has been saving a significant chunk of his pay the entire two years he’s been there and has a sizable down payment. You’d think this application would be a slam dunk. What he did not do was establish a credit history. He has paid cash for everything he has, including choosing to pay cash for a used truck rather than financing a new one even though he would have no issues making the payments. I tried several different lenders to see if we could get an exception to the lack of credit history using alternative credit sources, but due to the remote location I could not find a suitable option. We ended up adding his parents to the application and the plan is to remove them from the mortgage in two to three years once he has an established credit history. His case is a bit unique in that he had a significant down payment but that was not enough to get an approval for him. In most areas of the province, saving the down payment is often a challenge. If you are a first time home buyer, one thing I’d encourage you to do is open a First Home Savings Account so that your down payment funds are out of reach and working for you. If you have been saving already and haven’t opened FHSA yet, it might be a wise idea to open one before the end of the year so you are able to contribute for 2023 and enjoy the tax break for your contribution. If you are starting to think about buying a home over the next few years, I encourage you to speak to a mortgage professional early on to make sure you are doing everything you can to make sure you are ready to move forward. Thank you so much for the support and feedback during the last year. I appreciate the people that have connected to ask questions about the mortgage process and look forward to a less challenging interest rate environment for 2024. Wishing you and yours a wonderful holiday season filled with much love and laughter.
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