Mitigating Mortgage Moments

Tracy Head • February 7, 2025

This week I had a panicked call from a realtor I work with on a regular basis. One of her sellers had a sale that looked like it was going to collapse. He was counting on the sale of that home for the down payment of his next home.


She called mid-day Wednesday. The sale was supposed to complete on Friday. She asked if I could talk to the purchaser and potentially arrange financing for her.


Before you read the next part, this is not intended to single out any particular bank or mortgage person. It could just as easily be a mortgage broker or a branch employee.


The back story is that the purchaser had been working with a mortgage specialist from one of the chartered banks since mid-December. The specialist gave the client the go-ahead to remove her financing subject January 17th. 


The specialist then said they needed to extend the closing date by a week. Then by another week. Then she told the client she would have to come up with twenty per cent for her down payment. The client scrambled and came up with the additional money needed for her financing to be approved.


I might not have believed this story except I did see the email chain.


So what actually happened? My guess is that the mortgage specialist did not have an approval in place with the insurer or her bank when she gave the client the ok to remove her financing. 


The client had not seen nor signed any mortgage paperwork before removing her financing subject; she was trusting that her mortgage person had things well in hand being as she was told she was approved and things were fine.


The buyer in this case is a first-time home buyer and did not know any different. 


I have pulled off the odd miracle in my days but I had serious doubts about being able to help this client in one day, especially being as she was buying in a smaller remote community so we had fewer options.


We were working on her application and 6:00 pm Wednesday evening had word that the bank she was originally working with had come through and would be sending mortgage instructions to the lawyer the following morning (we are now at the day prior to closing).


When you are purchasing a home and applying for mortgage financing, I feel it is so important to work with a team of professionals that have your back.


As someone who has never bought a home before or maybe hasn’t done so in many years its important to do your homework and understand the process.


If you think things are going sideways with your financing please make sure you ask questions to better understand what’s happening. If you have a feeling that something is really wrong, don’t wait until you have no other options.


When you choose a mortgage professional to work with (and realtor for that matter) do a bit of homework. Ask your friends who they have used and what their experience was like.



Buying a home is stressful enough on a good day, but what this poor client has been through could have been avoided had she had a better idea of what the home-buying process was supposed to look like.

Tracy Head

Mortgage Broker

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Purchase Checklist

By Tracy Head • August 11, 2025
Last week was a vivid reminder of the importance of finalizing your home insurance as soon as you are within thirty days of your closing date on a home purchase. I had three clients with purchases closing on the Friday after the fire broke out in Peachland. All three had to push their closing dates back because they couldn’t get their insurance in place due to an active fire. Thinking about this led me to consider a few of the key steps involved when purchasing a home. I’ve written about this in prior columns but I feel a reminder is never a bad idea. There are a few areas of crossover between the guidance your realtor gives you and the advice you receive from your mortgage person. When your realtor writes your purchase contract there are some standard conditions that are added to the agreement. You will generally see the following: Subject to the purchaser obtaining satisfactory mortgage financing Subject to the purchaser having a home inspection conducted Subject to the purchaser arranging home insurance Subject to review of strata documents if applicable Subject to the sale of the purchasers’ current home if applicable The financing end is obviously our responsibility. I do double-check with my clients that they have taken care of the other conditions. Most realtors are great at offering support to their clients with respect to addressing the relevant conditions. In some cases I feel like realtors tell clients the steps they need to take but my guess is that the whole process can feel or become overwhelming. Before I give my clients the ok to remove their financing subject I confirm that they have taken care of the home insurance as this is one piece they sometimes miss.  If you are going through the process of purchasing a home my suggestion is keep a notebook (aging myself by suggesting a paper version) or a list on your phone to keep track of your must-do tasks as you go through the process. I have a checklist that I’m happy to share if you would like a copy.

What does your mortgage broker bring to the table

By Tracy Head • August 2, 2025
What does your mortgage broker bring to the table? I love what I do. Every day I learn something new. I meet amazing people. Each day is different and knowing that what I do is important is good for my soul. I had someone call the other day to ask some questions about a pre-approval and he finished up the call with a genuine question. Why would he want to work with a mortgage broker instead of his bank? There are many ways to answer that question. This isn’t intended to be a sales job about working with me but rather with mortgage professionals in general. Before you read any further understand that working with your bank may be the easiest solution for you. There are some amazing employees within the branch system so this is not intended in any way to make light of the work they do. As licensed professionals we work with mortgages every day. Most of us seem to live and breathe mortgages all the time including evenings and weekends. For many of us our families are annoyed by the constant distraction of our work. Boundaries are important of course and some brokers work a strict schedule. Many of us do make ourselves available evenings and weekends to help our clients because not everyone has the flexibility in their workday to deal with their mortgage. We work for you rather than one specific lender or financial institution so are looking for options that fit your situation rather than making your mortgage fit within one product. One of the most important differences between working with your bank and working with a mortgage professional is options. Not every client fits a cookie cutter approach. There are some situations where clients’ income doesn’t support their application in the traditional lending world. Sometimes clients have credit challenges. Sometimes clients are looking at a unique property. Mortgage professionals have access to a wide range of lenders, some of whom offer specialty products not available at your bank. Product knowledge and expertise can be another difference. As an example I work with many clients who are self-employed. There are mortgages specifically geared for self-employed clients that are available at banks as well but often the employees are unaware of these options.  For me, the relationship I build with my clients is the main differentiator about why I say clients should work with a mortgage professional rather than their bank. I take the time to get to know my clients and their situations and longer-term goals. I will still be here when their mortgage comes up for renewal and am able to answer questions in the meantime. I’ve had many clients comment over the years how much they appreciate the personal approach rather than feeling like a number at their bank - having to start from scratch with someone new each time they need help.