Mortgages and Tinder

Tracy Head • March 10, 2023
What do the two have to do with each other? This week I learned a new term – Tinder Swindler...


This comes from a Netflix movie about a fellow in Europe who duped numerous women out of money by borrowing funds with promises to repay them. This is a con that has been around forever in different forms but the increased prominence of online dating has really extended the hunting grounds for people that are looking for their next mark. In the olden days (like when I was young) this scam looked more like a wealthy older man being taken advantage of by a much younger woman. This was the stereotype in any case. This profile has now changed and the swindlers come in many different forms and of all ages. Although what follows is going to feel like I’m hammering one gender over the other, believe me the con comes from both genders. My hunch is that when men have fallen prey to these scams pride prevents them from disclosing.


Over the last few weeks years I have worked with three different women who have been conned out of thousands of dollars by men they met through online dating portals. In all three cases these are strong, independent women who work hard and have always taken care of business. All three own their own homes and have great jobs and clean credit. The game starts easily enough. They each met someone who seemed like a great partner. He was charming, caring, and seemed to have his act together. One case started with a request to borrow cash as the partner was in a bit of a jam. Then, in all three cases, for one reason or another the new partner couldn’t seem to hold down a job. In one case the partner was starting a new business and just needed some cash to get things off the ground. In one case the new partner used her computer to apply for additional credit and intercepted the mail before she knew she had new cards coming. It goes without saying that in all three cases the women are left holding the bag with no hope of recovering any of the money they are owed.


For two of these women we were able to refinance their homes to consolidate all of their debts, but for

the third she found herself in the horribly difficult position of having to sell her home. After three years

of hard work she was able to buy a home again but this was definitely a huge hit to her retirement plans.

Before you are tempted to judge these women for allowing themselves to be victimized, understand

that none of the three are stupid women. They were trusting to a fault, and never thought for a minute

that their partner was anything other than the front that they saw. This is intended as a cautionary tale. If you are early on in a relationship and your new partner is looking to borrow money or asking for you to apply for credit on their behalf, open your eyes.


Trust your gut. Question why they are in the situation they are in. Get the details. Don’t be afraid of difficult conversations to get to the truth. Life happens to us all, and sometimes things are as they seem. However, if you are in a relatively new relationship and your partner is looking for money … think long and hard. It’s a slippery slope. One woman said to me “In for a penny, in for a pound. I kept hoping things would turn around and if I held out he would pay me back. In fact it just cost me more money.”

If you find yourself in this situation, I urge you to make a move and get help sooner rather than later. There are often options you are not aware of so you need to make changes as soon as possible so your credit and financial situation are not compromised.


On a different note, if you own a home you should have received mail from the provincial government asking you to complete a declaration regarding the Speculation Tax. Make sure you take care of it before the March 31 2023 deadline or you may receive a tax bill of up to two per cent of the value of your home.

Tracy Head

Mortgage Broker

GET STARTED

Changes Affecting Financing

By Tracy Head • November 14, 2025
I consider myself a lifelong learner, which is part of the reason I love my work. Every day there is something new and exciting to learn, or in some cases re-learn. When I first came back to the mortgage world a more seasoned broker gave me a copy of a handout she used with clients. It talked about the ten most important things NOT to do between removing your financing subject and finalizing the purchase of your home. At the time I remember thinking that the handout sounded patronizing and I assumed clients just understood they shouldn’t do any of the ten things. You know what they say about assuming things. Once or twice my clients have made decisions that have almost jeopardized their financing. The reason this came up for me right now is that I am working my way through a training course which is geared towards helping me re-design my team and my workflow, with the ultimate goal of providing even better support to my clients. One of the changes I am going to implement is adding a list very similar to the original ten things not to do list to my signing packages so that we are all on the same page and avoid any potential challenges down the road. What are the ten things? I won’t go over all of them, but here are a few of the things that have surfaced recently: If you change the closing date on your purchase or if you receive the Notice of Completion on a newly built home, advise your mortgage person right away. Never assume your realtor will do this for you. Do not go out and finance anything without checking with your mortgage person. If you are pushing the upper limit of your buying power even a small loan for furniture might put your financing at risk. Many lenders pull your credit again shortly before your mortgage finalizes. Along the same lines, make sure all of your payments are made on time. Do not co-sign a loan for anyone. Do not quit your job or change employers without talking to your mortgage person ahead of time. Do not spend any of the money you have tucked away for your down payment. If you have money sitting in higher-risk investment better to move them to something more stable in case of market fluctuations. Most people think that once they get the ok to remove their financing subject that their mortgage is a done deal. The small print on every mortgage commitment includes a clause that says something along the lines of “Your financing is based on your current situation. Material changes to your situation prior to the funding of your mortgage may affect your approval.” I’m currently working with a young lady that decided to purchase a boat between the time we had our pre-approval conversation and the day she wrote her offer to purchase. She had decided not to buy a home then found her dream property. We’ve had to look at a few options as the boat payment threw her ratios out of line. She is fortunate that her parents are very supportive and are going to gift her the money to pay off the boat loan, but if she didn’t have that back up plan the new loan would have reduced her borrowing power by over $100,000. The reason I added the comment “without checking with your mortgage person” in the bullets above is that every client’s situation is unique and some of those changes might be just fine. Some might not, and the last thing you want to do is find yourself scrambling to figure out a Plan B shortly before closing.  Best to have the conversation and be certain.

Mortgage Options

By Tracy Head • November 1, 2025
In past columns I’ve covered when no means no and when no means maybe there’s another option. There are many aspects of my work that I love. One is that I learn something new each and every day. No two clients are the same and no two applications are the same. Some are easier than others to put together. Another thing I love is that we have so many options to consider when working on our files. I do find immense satisfaction when I tackle a complicated file and find a great solution for my clients. I am working with an amazing young couple as they build their portfolio of rental properties. They are relatively young but both work incredibly hard and really have their ducks in a row. The plot twist they have is that they both transitioned from salaried positions to being self-employed over the last year. Their credit scores are both in the high 800s (900 is a perfect score), they are both making substantial income, and they have saved over $100,000 for their down payment.  Seems like a slam dunk right? Because they don’t have two years of filed tax returns as self-employed business people our options are a bit limited. There is a program we use in this situation but their scenario does not fit within the guidelines. Their dream home just came on the market so they are wanting to buy and convert their current home to a rental property. This particular home came up in the neighborhood they really want to be in, and homes don’t come up very often. It is immaculate and has a legal suite. They had originally approached their bank and been told it was a hard no. I work with their realtor fairly often and she suggested they give me a call. Within 24 hours we had the approval in place for them. We ended up taking the application to an alternative lender for a two-year term. The interest rate is about .5 per cent higher than a chartered back and there is a 1 per cent fee charged. We weighed out the pros and cons of going this route versus holding off until their next tax returns are filed before purchasing another property. After chatting with their financial advisor and accountant they felt it was worth the slightly higher interest rate to be able to buy the home now. I will say I love straightforward simple applications but in reality those are few and far between. Most of the applications I work on these days seem to have some sort of plot twist like this one so I am very grateful there are so many options available to help clients who may fall a little outside of the standard lending guidelines.