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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Changes Affecting Financing

By Tracy Head • November 14, 2025
I consider myself a lifelong learner, which is part of the reason I love my work. Every day there is something new and exciting to learn, or in some cases re-learn. When I first came back to the mortgage world a more seasoned broker gave me a copy of a handout she used with clients. It talked about the ten most important things NOT to do between removing your financing subject and finalizing the purchase of your home. At the time I remember thinking that the handout sounded patronizing and I assumed clients just understood they shouldn’t do any of the ten things. You know what they say about assuming things. Once or twice my clients have made decisions that have almost jeopardized their financing. The reason this came up for me right now is that I am working my way through a training course which is geared towards helping me re-design my team and my workflow, with the ultimate goal of providing even better support to my clients. One of the changes I am going to implement is adding a list very similar to the original ten things not to do list to my signing packages so that we are all on the same page and avoid any potential challenges down the road. What are the ten things? I won’t go over all of them, but here are a few of the things that have surfaced recently: If you change the closing date on your purchase or if you receive the Notice of Completion on a newly built home, advise your mortgage person right away. Never assume your realtor will do this for you. Do not go out and finance anything without checking with your mortgage person. If you are pushing the upper limit of your buying power even a small loan for furniture might put your financing at risk. Many lenders pull your credit again shortly before your mortgage finalizes. Along the same lines, make sure all of your payments are made on time. Do not co-sign a loan for anyone. Do not quit your job or change employers without talking to your mortgage person ahead of time. Do not spend any of the money you have tucked away for your down payment. If you have money sitting in higher-risk investment better to move them to something more stable in case of market fluctuations. Most people think that once they get the ok to remove their financing subject that their mortgage is a done deal. The small print on every mortgage commitment includes a clause that says something along the lines of “Your financing is based on your current situation. Material changes to your situation prior to the funding of your mortgage may affect your approval.” I’m currently working with a young lady that decided to purchase a boat between the time we had our pre-approval conversation and the day she wrote her offer to purchase. She had decided not to buy a home then found her dream property. We’ve had to look at a few options as the boat payment threw her ratios out of line. She is fortunate that her parents are very supportive and are going to gift her the money to pay off the boat loan, but if she didn’t have that back up plan the new loan would have reduced her borrowing power by over $100,000. The reason I added the comment “without checking with your mortgage person” in the bullets above is that every client’s situation is unique and some of those changes might be just fine. Some might not, and the last thing you want to do is find yourself scrambling to figure out a Plan B shortly before closing.  Best to have the conversation and be certain.

Mortgage Options

By Tracy Head • November 1, 2025
In past columns I’ve covered when no means no and when no means maybe there’s another option. There are many aspects of my work that I love. One is that I learn something new each and every day. No two clients are the same and no two applications are the same. Some are easier than others to put together. Another thing I love is that we have so many options to consider when working on our files. I do find immense satisfaction when I tackle a complicated file and find a great solution for my clients. I am working with an amazing young couple as they build their portfolio of rental properties. They are relatively young but both work incredibly hard and really have their ducks in a row. The plot twist they have is that they both transitioned from salaried positions to being self-employed over the last year. Their credit scores are both in the high 800s (900 is a perfect score), they are both making substantial income, and they have saved over $100,000 for their down payment.  Seems like a slam dunk right? Because they don’t have two years of filed tax returns as self-employed business people our options are a bit limited. There is a program we use in this situation but their scenario does not fit within the guidelines. Their dream home just came on the market so they are wanting to buy and convert their current home to a rental property. This particular home came up in the neighborhood they really want to be in, and homes don’t come up very often. It is immaculate and has a legal suite. They had originally approached their bank and been told it was a hard no. I work with their realtor fairly often and she suggested they give me a call. Within 24 hours we had the approval in place for them. We ended up taking the application to an alternative lender for a two-year term. The interest rate is about .5 per cent higher than a chartered back and there is a 1 per cent fee charged. We weighed out the pros and cons of going this route versus holding off until their next tax returns are filed before purchasing another property. After chatting with their financial advisor and accountant they felt it was worth the slightly higher interest rate to be able to buy the home now. I will say I love straightforward simple applications but in reality those are few and far between. Most of the applications I work on these days seem to have some sort of plot twist like this one so I am very grateful there are so many options available to help clients who may fall a little outside of the standard lending guidelines.