Not all lenders are created equal

Tracy Head • April 21, 2025

Not all lenders are created equal

Just as no two clients are the same, not all lenders are created equal.

For the majority of clients getting the best interest rate is their primary concern. For me as a broker it is as important to find a lender that provides a smooth process from start to finish and excellent customer service once a mortgage has finalized.

What do I mean by this?


When new lenders pop into the mortgage market they often offer low interest rates or better compensation to encourage mortgage brokers to send files their way. Sometimes these new lenders are amazing, and sometimes not as much.

Once in a while more established lenders will offer brilliant rates in order to increase the number of mortgages they have on the go. We see lenders float in and out of the competitive rate market based on how much money they have available to lend at any given time.


While this can be great for clients, it can also be a nightmare. If a lender does offer rates much lower than other lenders they end up flooded with applications. They may or may not have the staff / staff with expertise to handle larger volumes and increased time pressures.


If we are working on a refinance with flexible dates this isn’t necessarily a problem. If we are working on a purchase application with deadlines this can become stressful for all involved.


On top of that lenders have different processes for handling the legal paperwork that goes to your lawyer’s office. Some lenders handle everything in-house and have very responsive teams to handle getting the documents to your lawyer and addressing any changes that need to be made.


Other lenders hire third-party service providers to produce their documents and this adds an extra day or two to the process. 

As a broker I try to learn about my clients’ longer term plans and find the right fit lender-wise. I look at lenders’ policies for portability, pre-payment options, flexibility with respect to their guidelines, broker support, and equally as important client service experience after the mortgage finalizes. Does the lender have a portal? Will they allow me as a broker to help my clients or do they require clients to work with them directly for any changes?


We sent applications to two newer lenders over the last month because they had fantastic rate specials available. Both files ended up being very stressful as we were down to the wire waiting for mortgage instructions to be sent to the clients’ respective lawyers.

I prefer not to have to deal with last-minute stress on my files.



Rate is of course incredibly important to your long-term financial health. In my mind a smooth process before and after your purchase or refinance is also important. There are many considerations that go into choosing the right package for our clients.  My recommendation one day may change the next depending on both your situation and what I am seeing behind the scenes with various lenders.


I hope you had a beautiful Easter weekend!!

Tracy Head

Mortgage Broker

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By Tracy Head September 22, 2025
For every problem there’s a solution. Sometimes more than one. It seems like there is an ebb and flow in the types of mortgage products clients choose. Over the last few years I have definitely been fielding more inquiries about reverse mortgages. Although they are becoming more widely accepted, reverse mortgages had a lot of bad publicity. The negative press I’ve seen relates to the American housing market where predatory lenders were taking advantage of vulnerable seniors. Reverse mortgages in Canada are highly regulated so that this does not happen. For some clients it takes a while for them to wrap their heads around reverse mortgages as an (or the best) option for them. Particularly in the Okanagan we see many clients who are house-rich but cash poor. Or at least have limited income to cover their day-to-day living expenses. Sometimes even when the clients recognize that a reverse mortgage is the right plan for them their families or children have objections. When I am working with clients and we are looking at a reverse mortgage as an option I always invite them to include their families / children to our conversations. Often clients are too embarrassed to share with their children exactly how dire their finances are. Sometimes clients can’t get past the stigma of refinancing via a reverse mortgage because all their lives they have worked hard to make sure their mortgage is paid off. Cliché as it sounds, times have changed. The cost of living has risen far quicker than increases to pension income. A friend of mine shared a conversation he had with reverse mortgage clients and their children. The children were vocally opposed to their parents moving forward with a reverse mortgage. Paraphrasing a bit but it went like this: “The way I see it” he said “after completing a thorough review of your parents’ finances, we have three options. Downsizing isn’t an option as they are already in a condo. Number one, they carry on with the current mortgage that they can’t afford. Their expenses come to about $2,000 per month so you can each transfer them $1,000 per month to help cover their payments. Number two, your parents can sell and move in with one or the other of you. Third, we take a closer look at a reverse mortgage to see if that helps them stay in their home without any financial help from you.” Apparently there was a very long pause. After a more thorough conversation about the pros and cons of a reverse mortgage and answering more questions the family did indeed feel a reverse mortgage was the best option for their parents. If you (or your parents) are thinking about a reverse mortgage make sure you take your time and ask all the questions you need to so you are confident moving forward.  I have seen reverse mortgages have a profound impact on quality of life for many of my clients. I did not used to be a huge fan of reverse mortgages but have to say I am using them more often to help clients enjoy their retirement years without losing sleep trying to figure out how to cover their expenses.
By Tracy Head September 5, 2025
A wise broker friend of mine once told me there is no such thing as a mortgage emergency. I think this may depend on whose perspective this is. I’ve thought about her statement over the years. I think what constitutes a mortgage emergency really depends which end of the transaction you are on. One situation I run into regularly is clients who have left dealing with their mortgage renewal until the bitter end. This doesn’t necessarily constitute a mortgage emergency if you are not planning to make any changes to your mortgage and you intend to stay with the same lender. However, if you are in a private mortgage that was intended to be a short-term solution leaving your renewal until the bitter end can put you in a precarious position. Not all private lenders automatically offer renewals. Some charge a significant fee to renew for another term. Some will renew but dramatically increase your rate. If your plan was to move to a traditional lender once your private mortgage comes up for renewal this process can take weeks and in some case months. Depending on your situation a refinance to pay out your private mortgage can be very challenging right now with stricter qualifying guidelines and higher interest rates. Sometimes clients are proactive with their plan to move from a private mortgage and we run into problems and additional document requests from the new lender or challenges like delays in getting appraisals done. Whether you are in a private mortgage or your mortgage is with a traditional lender I suggest you start looking into renewal options about six months ahead of your maturity (renewal) date. We can lock down an interest rate hold for you four months ahead of your maturity date but I love to have a conversation with my clients about six months prior so we can develop a plan as to how we will handle their upcoming renewal. Not all lenders offer an open mortgage at renewal so if you dawdle too long you may end up locked in with your current lender for a bit longer. If you have left your mortgage renewal until it is right around the corner don’t panic. Many lenders do offer an open mortgage so you can opt for this to buy yourself some time if you are planning to make any changes to your mortgage. Take some time to evaluate your options. Small tweaks can potentially make a significant difference to your bottom line so it is key to work with a professional that has your best interests at heart.