Your Mortgage Person

Tracy Head • October 5, 2023

I had a call from one of my favorite realtors a few weeks ago asking if I could help her clients. She told me that the clients had started with another broker but that things didn’t seem to be going well. I told my realtor that I would chat with her clients but would not compete with another broker – I know how much work goes into putting a file together and won’t try to undercut another professional. I did chat with the clients. Their broker had an approval in place and their closing date was less than three weeks away. They were getting extremely frustrated with the multiple requests for documents. They couldn’t understand why the broker kept coming back for more and more paperwork.


I asked a few questions about their particular situation then spelled out the list of documents I would typically ask for (specifically for their situation) upfront. They got very quiet. It was almost exactly what their broker had asked for. In fact, the other broker had also asked for all of the documents upfront. They decided they would send bits and pieces based on what they felt like providing.


The other broker had the approval in place with a great lender and had a great package for the clients. We had a discussion about why lenders ask for the documents they do, and I told them that they were actually slowing their broker down by not providing the information he needed right away.


Not entirely sure that they were happy with my thoughts but they did send the rest of the documents to their broker the same night. Their financing was signed off the following day. Problem solved. The same realtor called last week with another set of clients who were struggling with their lender. After listening to what was happening I did end up working with these clients. They had shopped for the lowest rate online and reached out to one of the well-advertised discount brokerages. They had an accepted offer on their dream home. The clock was ticking on their financing clause.


I am assuming that they ended up working with a less experienced broker at the firm. They had been told the incorrect amount for their minimum down payment, no discussion was had about closing costs, no documents had been requested, and they were told in error that they would be exempt from the property transfer tax.


A week and a half of the time they had to line up their financing had already passed. They had four days left to finalize their financing. They are an amazing young couple who have worked hard to save their down payment and get their ducks in a row. They sent me their documents within a day and we had an approval with all of the conditions signed off in two days.


Two learnings out of these situations:


  1. When your mortgage person asks for specific documents, it makes the process go much smoother for you if you send in what they’ve requested. Taking a few minutes to make sure your documents clearly show your name is important. Sending all pages of the documents key.


  2. Work with a mortgage professional. Much like most other industries there are mortgage providers with different levels of knowledge and experience, and different personalities. Working with someone from a smaller firm (as compared to a high-volume discount brokerage) often means you will have someone who is far more attentive to your needs. It is wise to do your due diligence to make sure the person you are working with knows their stuff and is a good fit with you personality-wise.

a. Longer time in the industry does not necessarily mean more knowledge or experience. Some people who are newer to the industry take ongoing learning and work with mentors to offer their clients amazing service.


Buying a home is a huge investment and commitment. It is very challenging to qualify for a mortgage

right now, so working hand-in-hand with your mortgage person will help the process go much smoother for you.

Tracy Head

Mortgage Broker

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Navigating Mortgage Renewals in Uncertain Times

By Tracy Head • April 2, 2026
If you’re one of the many Canadians with a mortgage renewal coming up this year, you’ve likely felt a bit of unease reading the headlines. Interest rates, inflation, global tensions—it can feel like a lot. After more than two decades in this industry, I can tell you this: uncertainty is nothing new in real estate or lending. What matters most is how you respond to it. The good news? You have more control than you might think. Let’s walk through a few practical, level-headed strategies to help you approach your renewal with confidence—rather than stress. 1. Start Early—Earlier Than You Think One of the biggest mistakes I see homeowners make is waiting for their lender’s renewal letter to arrive. By then, you’re already on their timeline—not yours. I recommend starting the conversation at least 4–6 months before your maturity date. This gives you time to explore options, secure a rate hold if available, and avoid being rushed into a decision. 2. Don’t Just Sign the Renewal Offer It may be convenient to simply sign and send back your lender’s offer—but convenience can come at a cost. In many cases, lenders don’t present their most competitive rates in renewal letters. Think of your mortgage like any other major expense: it deserves a second look. Even a small difference in rate can translate into thousands of dollars over your next term. 3. Consider Your Risk Tolerance—Not Just the Rate In uncertain times, it’s tempting to try to “time the market.” Fixed or variable? Short term or long term? These are important questions—but they shouldn’t be driven by headlines alone. Instead, ask yourself: Do I value stability and predictable payments? Am I comfortable with some fluctuation if it means potential savings? How long do I realistically plan to stay in this home? There’s no universal “best” option—only the best fit for your comfort level and financial goals. 4. Explore Shorter Terms as a Bridge Strategy With so much unpredictability in the global landscape, some homeowners are opting for shorter-term mortgages (1–3 years) as a way to “wait and see.” This can be a smart approach if you believe rates may stabilize or improve, but it’s important to weigh this against current pricing and your tolerance for future changes. Think of it less as gambling on rates—and more as maintaining flexibility. 5. Use This Opportunity to Restructure A renewal isn’t just about accepting a new rate—it’s a chance to revisit your overall strategy. You might consider: Adjusting your amortization to improve cash flow or accelerate payoff Consolidating higher-interest debt into your mortgage Adding prepayment privileges to give yourself more flexibility This is your moment to align your mortgage with your current life—not the one you had five years ago. 6. Build a Small Buffer Into Your Budget Even if you secure a great rate, it’s wise to prepare for slightly higher payments—especially if you’re coming off a historically low rate. Creating a bit of breathing room in your monthly budget can reduce stress and give you options down the road. If rates drop, you’re ahead. If they rise, you’re prepared. 7. Lean on Professional Advice The mortgage landscape has become more complex, not less. Policies shift, lender appetites change, and new products emerge. A good mortgage broker doesn’t just shop rates—they help you interpret the landscape and make decisions that suit your long-term financial well-being. At the end of the day, uncertainty doesn’t have to mean instability. With the right preparation and a thoughtful approach, your renewal can be an opportunity—not a setback. If there’s one takeaway I’d leave you with, it’s this: stay proactive, stay informed, and don’t be afraid to ask questions. You’re not just renewing a mortgage—you’re shaping your financial future.  And that’s worth doing well.

Purchase Plus Improvements

By Tracy Head • March 19, 2026
Hammer, Nails… and a Mortgage That Sees Potential Over the years I’ve noticed a pattern: buyers fall into two camps. The “this house is perfect” crowd… and the “this could be perfect if we just fix a few things” crowd. Today, we’re talking about the second group—and one of the most underused tools in the Canadian mortgage world: the purchase plus improvements mortgage. What Is It (and Why Should You Care)? A purchase plus improvements mortgage lets you roll renovation costs into your mortgage at the time of purchase. Instead of draining your savings—or worse, putting renovations on a high-interest line of credit—you finance those upgrades at your mortgage rate. In plain English: you buy the house and fix it up, all in one tidy package. You get to enjoy the renovations while you live in your home, rather than scrambling to renovate or update when you are getting ready to sell. Lenders like this because you're increasing the value of the home. You should like it because you're borrowing at (usually) the cheapest rate you'll ever get. Let’s say you’ve found a home priced at $700,000. It’s solid—but a little tired. You want to: Upgrade a dated bathroom Replace an aging furnace Put on a new roof Total improvement budget: $40,000 With a purchase plus improvements mortgage, your financing is based on the “as-improved” value, meaning: Purchase price: $700,000 Improvements: $40,000 Total financed value: $740,000 Because the purchase price exceeds $500,000, the minimum down payment in Canada is not 5% flat. It’s calculated as: 5% on the first $500,000 = $25,000 10% on the remaining $240,000 = $20,000 Minimum required down payment: $49,000 Mortgage Before Insurance Total value: $740,000 Down payment: $49,000 Base mortgage: $691,000 Adding the CMHC Insurance Premium Because your down payment is under 20%, mortgage default insurance applies. At this loan-to-value (roughly 93.4%), the CMHC premium is 4%. CMHC premium: $691,000 × 4% ≈ $27,640 This premium is typically added to the mortgage, not paid upfront. Total mortgage after insurance: ≈ $712,421 What Does That Payment Look Like? Now let’s plug that into real numbers: Mortgage: $712,421 Rate: 3.99% Amortization: 25 years Estimated monthly payment: ≈ $3,750–$3,760/month (call it $3,755/month for coffee-shop accuracy). Why This Still Makes Sense Here’s where people sometimes hesitate: “Wait—I’m paying insurance and financing renovations?” Yes. And in most cases, it still works in your favour. Because: You’re financing renovations at 3.99%, not 8–10%+ You’re improving the home’s value immediately You’re avoiding the markup baked into fully renovated homes In other words, you’re not just spending money—you’re strategically improving the value of your new home. How It Actually Works Behind the Scenes Here’s the part most buyers don’t realize: You submit quotes for the renovations upfront The lender approves the total (purchase + improvements) The purchase closes as usual The renovation funds are held back by your lawyer You complete the work Funds are released once the work is verified It’s a bit of paperwork—but compared to juggling contractors and separate financing? It’s a win. Why I Recommend This More Often Than You’d Think After years in this business, I can tell you this - the “perfect home” usually comes with a premium price tag. But the “almost perfect” home? That’s where the opportunity is. With a purchase plus improvements mortgage, you can sometimes: Buy in a better neighborhood Customize the home to your taste Avoid bidding wars on fully renovated properties Finance upgrades at mortgage rates (instead of 8–10%+ elsewhere) If you’re considering this route, here’s my advice: Get detailed quotes (not ballpark guesses) Plan for a buffer—renovations love surprises Work with a broker early (this is not a last-minute add-on) And most importantly: don’t be scared of a home that needs work. Some of the best purchases I’ve seen over the years started with the phrase, “Well… it’s not perfect, but…” Final Thought A purchase plus improvements mortgage isn’t just financing—it’s strategy. It’s the difference between settling for someone else’s vision… and building your own, from day one.  And in a market like Canada’s, that kind of flexibility isn’t just nice to have—it’s powerful.