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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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.

Marital Breakdown

By Tracy Head • October 18, 2025
One topic I haven’t tackled for a long time is marital breakdowns. When you are working your way through what is arguably one of the most difficult times of your adult life it’s important to know that you have options. There is a program available for refinancing your home specifically for spousal buyouts. Under this program we can refinance your home back up to 95 per cent of the value of the home and use the new funds to pay out your ex-partner and pay out marital debts (provided this is written into your separation agreement). Qualifying this to say that we can refinance to 95 per cent if the value of your home is under $500,000. If the value of your home is over $500,000 we need to ensure you have 5 per cent of the first $500,000 and 10 per cent of any value over the $500,000 left as equity in your home. It’s a small distinction but in the Okanagan the second calculation is the one I see the most. With recent changes to the First Time Home Buyer’s program we can now extend the amortization out as far as 30 years if needed to make the numbers work. It is important to note that this program is an insured program meaning that a premium is added to your mortgage so its important that you work with someone who is familiar with this program. You will require a finalized separation agreement to refinance to pay out the other party.  If you have significant equity in your home and we can make the numbers work a traditional refinance is also an option. In this case we can only increase your mortgage to 80 per cent of the value of your home but there is no default insurance premium required so this is usually the preferable option. A question to ask yourself is whether it makes sense to refinance your current home or to sell and buy a new home. The list of pros and cons will be different for each person, but one of the most important things to consider is whether or not you can afford the higher mortgage payment on your own to stay put. Also key to consider is whether or not you need the same space or whether downsizing might be another option. Do you have children that you want to keep in the same area and same school? Is your current home in a convenient location for work, school, and social activities? Or are you needing a fresh start somewhere new? If you find yourself in this situation and are considering your options with respect to refinancing your home I encourage you to reach out to a professional that can help you take a good hard look at your situation. Doing a bit of legwork upfront may help relieve at least one part of the mental load as you work your way through a separation or divorce.