Rate Wars

Tracy Head • March 24, 2025

Annnnnnnd …. Its on!



Spring has arrived and with it comes a significant drop in mortgage interest rates. Over the last few months when I’ve chatted with clients who are renewing or planning to buy in the spring market I have said in almost every conversation that by mid-March

rate wars tend to start. Regardless of what is happening in the interest rate environment as a whole it seems by the third week of March lenders start sharpening their pencils.


Over the last two weeks we started to see lender bulletins trickle in advertising quick- close rate specials (ie: for mortgages finalizing within 60 days) and rate drops across the board.


Today I have had updates from six different lenders and its only noon.


Why is this important to you?


Not all lenders have the same policies with respect to dropping their rates once your mortgage has been approved. When you go into a holding pattern after your mortgage has been approved but before it has finalized rates can change. If they go up, you are covered by the rate you have in place.


If they go down, how does your lender deal with your file?


Some lenders won’t drop your rate. Some lenders will drop it once. Some maybe twice. There are a few lenders that will drop your rate an unlimited number of times up to a few days before your mortgage finalizes. When I am choosing a lender for my clients this is absolutely one of the most important things I consider. All things being equal, if I can place a mortgage with a lender that

offers unlimited rate float downs I will.


I watch my calendar of upcoming closings and proactively reach out to those lenders to request better rates for my clients. It’s a win to be able to get the benefit of falling interest rates without having to change lenders. If you are buying a home, renewing your mortgage, or looking to refinance this is a key question you should ask your mortgage person. Find out whether they will adjust the

rate on your mortgage and what the process is (do you have to request this?). At the same time, find out how many times they are able to reduce the rate for you.


Regardless of the answer I suggest touching base with your mortgage person or lender periodically up to the time your finalize your mortgage to confirm you are receiving the lowest rate they have available for you.

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.