Elizabeth Prins Mortgages By Liz

07/24/2026

There was a time when finding the lowest rate was the only thing many people focused on.

That is changing.

According to a recent report by Mortgage Professionals Canada, more Canadians are choosing to work with a mortgage broker than they have in the past five years. Even more interesting? Nearly half of recent first-time home buyers worked with a broker.

Why?

Yes, people still want a competitive rate.

But more and more are realizing that the best mortgage isn't always the one with the lowest rate.

Today's mortgage decisions are more complicated than ever:
• Fixed or variable?
• Bank or monoline lender?
• Flexible prepayment options?
• Penalties if life changes?
• Portability?
• Qualification rules?
• Planning for future renovations, retirement, or growing families?

A mortgage is one of the biggest financial commitments most of us will ever make. The right strategy can save thousands of dollars and provide flexibility when life doesn't go according to plan.

Sometimes I recommend moving to a new lender.

Sometimes I recommend staying exactly where you are.

My job isn't to sell you a mortgage. My job is to help you make an informed decision that's right for your life today—and for the years ahead.

Source: Canadian Mortgage Trends, reporting on Mortgage Professionals Canada’s 2025 consumer research.

07/10/2026

If you ask any mortgage broker what is the most complicated, challenging document we must collect from our clients, they will tell you DOWN PAYMENT DOCUMENTS!

Down Payment Documentation Requirements

To comply with Canadian Anti-Money Laundering (AML) and FINTRAC regulations, every dollar used for your down payment must be fully documented.

Bank Accounts

Please provide:
90 days of statements for every account contributing to your down payment or closing costs.

Statements must show:
Your name
Account number
Financial institution
Statement dates
Statements must be complete with no redactions.

Account Ownership

If your statements do not show your name:
Provide an online banking or investment account summary showing your name and account numbers.

Large Deposits ($2,000 or More)

Please provide:
An explanation for each deposit.
Supporting documentation showing where the funds came from.

Deposits identified as Transfer, E-Transfer, Cash Deposit, or similar descriptions require supporting documentation.

If funds were transferred from another account, provide 90 days of statements for that account.

Transfers Between Your Own Accounts

Please provide:
90 days of statements for both the sending and receiving accounts so the transfer can be traced from one account to the next.

Employment Bonus or Commission

Please provide:
Pay statement or employer confirmation.
Bank statement showing the deposit.

Gifted Funds

Please provide:
Lender's Gift Letter (we will provide the correct form).
Bank statement showing the gifted funds deposited into your account.

RRSP, FHSA & Investment Withdrawals

Please provide:
90 days of statements.
Documentation showing the withdrawal or redemption.
Bank statement showing the funds deposited into your account.

Sale of a Property

Please provide:
Accepted Offer / Contract of Purchase and Sale.
Current mortgage statement (if applicable).
Lawyer's Statement of Adjustments, Trust Ledger, or Statement of Receipts & Disbursements.
Bank statement showing the net sale proceeds deposited into your account.

Sale of a Vehicle or Other Asset

Please provide:
Bill of Sale or purchase agreement.
Proof of payment received.
Bank statement showing the deposit into your account.

Inheritance

Please provide:
Letter from the lawyer or executor confirming the inheritance.
Estate distribution statement (if available).
Bank statement showing the deposit into your account.

Insurance Settlement

Please provide:
Settlement letter.
Bank statement showing the deposit into your account.

Separation or Divorce Settlement

Please provide:
Separation Agreement, Court Order, or other legal documentation.
Bank statement showing the funds deposited into your account.

Corporate or Business Funds

Please provide:
Documentation confirming ownership of the business.
Documentation authorizing or supporting the withdrawal.
Bank statements showing the transfer into your personal account.

Trust Funds

Please provide:
Trust documentation confirming your entitlement.
Bank statement showing the deposit into your account.

Other Sources of Funds

If your down payment is coming from another source, please let us know before moving the funds. We'll advise exactly what documentation is required.

Important

Every dollar used for your down payment must have a complete paper trail.
Cash that cannot be documented cannot be used as part of your down payment.
Please do not redact or black out any information on your statements.

Whenever possible, keep your down payment funds in one account and avoid unnecessary transfers between accounts.

If you are planning to receive gifted funds, sell an asset, receive an inheritance, or transfer money between accounts, please let us know in advance.

If you're unsure whether documentation is required, simply ask—we're happy to help.

Send a message to learn more

07/10/2026

A true renewal story from this week.

Their mortgage matures in August.

I first reached out last July, many months before we could submit the renewal application, because this is how I like to plan:

Start the conversation early
Review the whole picture
address any challenges or issues while we have time
Submit 120 days before the new mortgage starts
Protect the rate if rates rise
Ask for a rate drop if rates fall

That is the best mortgage strategy plus the best rate strategy.

This week, we finally connected.

They have savings.
Their payment history is clean.

The challenge is that all of her credit sources are maxed out. That means her credit utilization is very high, and high utilization can pull a credit score down.

Their goal was to restructure their mortgage and add a secured line of credit (HELOC) so they could use their equity for investing, renovations.

That option is not available today because her main credit score is too low for qualification.

So here is the plan:
Renew into a variable-rate mortgage with their current lender (this lender does NOT provide HELOCs)
Pay down the credit sources from savings
Let her credit bureau update over the next few months
Recheck the score
Revisit the mortgage and line of credit strategy

It will still work. Her credit score will increase.

It will simply cost more because we are now doing it in two steps instead of one. They will have a 3 month interest penalty when we move them to a new lender.

This is why I reach out so early before renewal.

A mortgage renewal is not just about the interest rate.

It is a chance to look at your full financial picture before the lender does.

If your mortgage renews in the next year, start early. Not because there is pressure. Because time gives you options plus the ability to address issues ahead of time.

I’m Liz, a mortgage planner in Victoria, BC. I believe people make better mortgage decisions when they understand their options.

Send a message to learn more

06/29/2026

I spend a lot of time talking to people about buying homes, renewing mortgages and refinancing. What surprises me is how often the mortgage isn't actually the biggest problem.

It's the credit cards.
The vehicle loans.
The lines of credit.
The monthly payments that have slowly grown over the years.

Many homeowners are making their mortgage payment on time every month, yet they're feeling like they're falling further behind. They're using one credit card to pay another or carrying balances they never seem to get ahead of. It can happen so gradually that you don't realize how much it's affecting your monthly cash flow until you're feeling overwhelmed.

I came across some recent statistics that really caught my attention.

In the first quarter of 2026, British Columbia had the largest increase in consumer insolvencies in Canada, up 16.2% over the same period last year.

Even more concerning, almost half of British Columbians say that if their monthly finances got just $200 worse, they would be in serious financial trouble.

Those numbers tell me this isn't a mortgage crisis. It's a debt management crisis.

The good news is that many homeowners have options they don't realize they have.

If you've built equity in your home, it may be possible to restructure high-interest debt into your mortgage. Depending on your situation, that could:
• lower your monthly payments
• reduce the amount of interest you're paying
• simplify multiple payments into one
• create breathing room in your monthly budget

It's not the right solution for everyone, and it's certainly not about borrowing more money. It's about using your mortgage strategically to improve your overall financial picture.

One of the things I enjoy most about being a mortgage broker is helping people look at the whole picture. Sometimes the best mortgage advice has nothing to do with buying a home. It's helping someone reduce financial stress and get back in control of their finances.

If you've been wondering whether there's a better way to manage your debt, let's have a conversation. There may be more options available than you think.

Sources:
• Canadian Association of Insolvency and Restructuring Professionals (CAIRP) – Q1 2026 Consumer Insolvency Statistics
• MNP Consumer Debt Index – British Columbia
• Equifax Canada Consumer Credit Trends

Send a message to learn more

06/12/2026

There's a lot of caution in the market right now, and I understand why. The headlines can make it feel like waiting is always the safest option.

The reality I'm seeing on the ground is a little different.

We're in a balanced market with more inventory than we've had in quite some time. Buyers have the opportunity to take a breath, ask questions, include subjects, and make thoughtful decisions instead of feeling pressured into competing with multiple offers.

Interest rates are also very attractive from a historical perspective. The average 5-year fixed rate over the past 25 years has been around 5.2%. Today, we're seeing fixed rates well below that, and some variable rates are in the 3% range.

Can I tell you where rates or home prices will be six months from now? No one can.

What I do know is that confidence eventually returns. When it does, buyers come back into the market, inventory gets absorbed, competition increases, and negotiating power shifts.

For some people, today could be one of the best buying opportunities we've seen in years.

For others, it may be the perfect time to refinance or restructure their mortgage to reduce monthly payments, consolidate debt, improve cash flow, or put a long-term plan in place.

This is where working with a mortgage broker can make a real difference.

We're not here to arrange one mortgage and disappear. We're mortgage planners. We build long-term relationships, help clients make informed decisions that fit their lives today, and continue to review those decisions as life changes.

Sometimes the best financial move has nothing to do with chasing the lowest rate. It's about creating a strategy that helps you reach your goals with confidence.

That's what mortgage planning is all about. And that's why I love what I do.

06/04/2026

FIXED VERSUS VARIABLE? THIS IS THE QUESTION.

That's the million-dollar question, and if anyone could accurately predict interest rates five years into the future, they'd be retired on a beach somewhere!

The reality is that no one knows with certainty where rates are headed. Economists, banks, and the Bank of Canada all make forecasts, and sometimes they're right. Sometimes they're very wrong. The last few years have certainly reminded us of that.

When I'm helping clients choose between fixed, variable, or adjustable rates, I spend less time trying to predict the future and more time understanding the person sitting across from me.

Some of the questions I ask are:

• How comfortable are you with uncertainty?
• Would a payment increase keep you up at night?
• How important is payment stability?
• How likely are you to move, refinance, or pay off your mortgage early?
• Do you value flexibility more than certainty?
• What other financial goals do you have over the next few years?

The "best" mortgage isn't always the one with the lowest rate. It's the one that helps you sleep at night while supporting your long-term plans.

A fixed rate provides certainty. A variable or adjustable rate can offer flexibility and may save money over time, though it comes with more ups and downs along the way.

The good news is that you're already doing one of the smartest things possible—reviewing your options before signing a renewal. Many homeowners simply sign whatever their lender offers without exploring whether it still fits their goals.

A mortgage renewal is a great opportunity to step back, look at the bigger picture, and make sure your mortgage is working for you, not the other way around.

Send a message to learn more

06/04/2026

There’s a lot of attention on next week’s Bank of Canada rate announcement, and right now most economists expect the Bank to leave its overnight rate unchanged at 2.25%.

Why?

The Canadian economy is sending mixed signals.

• The economy has contracted for two consecutive quarters.
• More than 110,000 jobs have been lost so far this year.
• Consumer demand is slowing.
• Inflation remains a concern, partly due to higher oil prices.
• Ongoing uncertainty around trade negotiations with the United States is making future economic forecasts more difficult.

Economists from TD, CIBC, CPA Canada, and Desjardins are all pointing toward the same conclusion: the Bank of Canada is likely to wait and gather more information before making its next move.

What does this mean for homeowners and buyers?

For variable-rate mortgage holders, it likely means no immediate change to payments. For those shopping for a mortgage, fixed rates will continue to be influenced more by bond yields than by the Bank of Canada's announcement.

As always, mortgage decisions are about more than today's rate. Your plans, timeline, risk tolerance, and long-term goals are equally important.

I'll be watching the June 10 announcement closely and will share an update once the decision is released.

Send a message to learn more

05/21/2026

Each time I help a client find the right mortgage solution, I donate to From Stray to Stay Dog Rescue, because everyone deserves a home.

03/23/2026

I’ve been watching the bond market this week… and this is one of those moments where having the right guidance really matters.

The five-year Government of Canada bond — what fixed mortgage rates are based on — has moved back above 3%.
That’s typically when lenders start nudging fixed rates higher.

We’re seeing pressure from global uncertainty, rising oil prices, and ongoing tensions overseas. When things feel unsettled, bond yields react… and fixed rates follow.

I’ve seen this pattern many times.

Fixed rates don’t move because of headlines alone, and they don’t wait for the Bank of Canada.
They move with the bond market — and that’s where the shift is happening.

If you have a renewal coming up, or you’re thinking about buying or refinancing, this is a really important time to pause and understand your options.

Not to rush.
To be informed.

There isn’t one right answer between fixed and variable. It depends on your comfort, your timeline, and your bigger financial picture.

This is exactly where a mortgage broker comes in.

A good broker looks at strategy, not only rate.
They help you understand what’s happening, what it means for you, and how to position your mortgage so it works for your life — not only today, but over time.

If you’re unsure what to do next, start with a conversation. It makes a difference.

Send a message to learn more

03/04/2026

Lately I’ve been seeing so many posts that say:
“I got 4.79% for five years — is that good?”
“Should I go three-year or five-year?”
“What’s everyone else getting?”

I completely understand why we ask. We want reassurance.

And here’s something I say with respect:

We do what we do until we know better. Most people were never taught how mortgages actually work. That isn’t a mistake — it’s simply a gap in education.

For ten years in the Facebook group Black Is The New Red - a conversation about money for Canadians, I’ve shared for one reason: so you can make decisions from understanding, not from comparison.

A renewal is not only about the rate.

It’s a strategy moment.

Think about how much thought we put into a cell phone plan. Or a TELUS Optik package. We look at features. Data. Channels. What fits our life.

Your mortgage is hundreds of thousands of dollars. It deserves at least that much thought.

At renewal, the real questions are:

• Do I want the lowest payment — or the lowest total interest cost?
• Is stability most important — or flexibility?
• Am I planning to move, renovate, invest, or access equity?
• If life changes unexpectedly, will this mortgage support me?

The older I get, the more I value flexibility. Life has a way of surprising us. A mortgage that looks great on paper can feel very different when circumstances shift.

There are pros and cons to staying with your bank, moving to a different lender, choosing a credit union, or working with a mortgage finance company. There are pros and cons to fixed and variable. To shorter and longer terms.

The “best rate” in a comment thread does not tell the full story.

My goal here has always been education — not pressure, not criticism, not lender bashing.

Before you crowdsource your renewal, have a thoughtful conversation about your goals. Your mortgage deserves that level of care.

Meet with an independent licensed mortgage broker. There is no cost or obligation to have a consultation.

Knowledge changes decisions.

And educated people make educated mortgage choices.

Send a message to learn more