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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Trying to Buy a Home in a Competitive Market

By Tracy Head • January 23, 2026
Trying to Buy a Home in a Competitive Market? You’re Not Imagining Things After years as a mortgage broker, I can tell you this with confidence: buying a home in a competitive market isn’t just hard. It’s emotionally exhausting. I talk to buyers every day who feel like they’re doing everything right. They’ve saved a down payment, checked their credit, talked to a lender, and started house hunting with realistic expectations. And yet, they’re still losing out. Multiple offers. Bidding wars. Homes selling in days — or hours. It can make even the most level-headed buyer question whether homeownership is still within reach. One of the biggest challenges I see is speed . In competitive markets, hesitation can cost you the house. Buyers are often expected to make quick decisions on the largest purchase of their lives, sometimes with limited conditions and tight timelines. That’s a lot of pressure, especially for first-time buyers who are still learning the process as they go. Then there’s the financing side. In a hot market, a strong offer isn’t just about price. It’s about certainty . Sellers want to know the deal will close. That’s why buyers with solid pre-approvals, flexible closing dates, and fewer conditions tend to stand out. Unfortunately, many buyers don’t realize how important this is until they’ve already lost a few bidding wars. Another challenge is expectations versus reality . Online listings and headline prices don’t always tell the full story. I often see buyers fall in love with homes that are priced low to attract attention, only to sell well above asking. That can be discouraging, especially when it happens repeatedly. It’s not that you’re doing something wrong. It’s that the market is playing a different game. Appraisals can also throw a wrench into things. Even if you’re willing to pay more, the lender still needs the property to appraise at or near the purchase price. When prices are rising quickly, appraisals sometimes lag behind the market. That can mean buyers need to come up with extra cash or renegotiate. That’s not a conversation anyone wants after winning a bidding war. And let’s not forget the emotional toll. I’ve seen buyers go from excited to deflated more times than I can count. Losing out on a home — especially one you pictured yourself living in — hurts. Do it three or four times, and it’s easy to feel burnt out or start second-guessing your plans entirely. So what helps? Preparation. Flexibility. And a good team. Getting your financing sorted early — ideally before you start house hunting — gives you clarity and confidence. Understanding your true budget (not just the maximum you qualify for) helps you move decisively when the right home appears. Being open on location, property type, or timing can also make a big difference. Most importantly, remind yourself of this: This market is not a reflection of your worth or your effort. It’s competitive because demand is high and supply is tight. Not because you’re failing. I’ve seen many buyers feel like they’d never catch a break, only to end up in a home they love — sometimes one they hadn’t even considered at first. The path may be longer and bumpier than expected, but with the right guidance and a bit of resilience, it’s still very possible. If there’s one thing I want buyers to know, it’s this: You’re not alone. And you’re not crazy.  This market is tough — but tough doesn’t mean impossible.

FTHB readiness

By Tracy Head • January 8, 2026
First-Time Home Buyers: How to Get Ready Before You Fall in Love With a House After years of working with first-time buyers, I’ve learned this: most people don’t struggle because they can’t afford a home — they struggle because they start in the wrong order. Buying your first home isn’t complicated, but it is sequential. A little preparation goes a long way toward making the process smoother, less stressful, and more affordable. Step one: know your numbers. Before talking listings, take an honest look at your income, debts, savings, and credit. Lenders don’t just look at what you earn — they look at how you manage credit. Pull your credit report early and fix any issues before they become deal-breakers. Step two: understand the full cost. Your down payment is just the start. First-time buyers should also budget for legal fees, land transfer tax, moving costs, and everyday expenses that come with homeownership. A good rule of thumb is to have an extra 1.5%–4% of the purchase price set aside. Step three: timing your mortgage pre-approval matters. Ideally, speak with a mortgage broker three to six months before you plan to buy. This gives you a realistic budget, time to improve credit if needed, and the ability to lock in a rate. A proper pre-approval isn’t just a number — it’s a strategy. Step four: build your team early. A mortgage broker, real estate agent, lawyer, and insurance advisor should all be in place before you make an offer. When they work together, surprises are minimized and decisions are clearer. Finally: stay financially boring. Once you’re pre-approved, avoid changing jobs, taking on new debt, or making big financial moves without checking first. Lenders re-check everything.  Preparation doesn’t take the excitement out of buying your first home — it replaces panic with confidence. And when the right home comes along, being ready makes all the difference.