New Year, New Mortgage

Tracy Head • December 30, 2024

As we close out 2024 and prepare to ring in 2025 today’s column will be short and sweet. Well, short in any case.

I think many of us tough out difficult financial situations until we are through the holidays. We put on a brave face and do our best to make everyone’s holiday season fun and festive.


January hits as does reality when we look at our bills and our account balances.


If you are feeling overwhelmed with your financial commitments and don’t know where to start, a conversation with your mortgage professional might be a good place to start. If you have equity in your home it may make more sense to remortgage and consolidate your consumer debt.


My advice is to try not to do that if you can avoid it, but feeling like you shouldn’t then falling behind with your credit cards and other loans will do more damage to your financial health in the long run.


Credit counselling organizations are already advertising heavily to this target audience. Clients sometimes think (or are led to believe) that this is an easy solution and better for their credit long-term. Not all credit counselling agencies are created equal and I can’t count how many clients are still dealing with the fallout from these arrangements years down the road.



If you have tried to refinance in the past and been told no, it may be worth taking another look at this approach. Lenders change their policies and your situation likely has changed as well.


Going into January can feel a bit heavy after the holiday celebrations and I encourage you to take a close look at your finances and set yourself up for a successful year.

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.