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Mortgages with Lorraine

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Canada
West Kelowna, BC
Mortgages with Lorraine

I provide guidance, convenience and choice from dozens of lenders in Canada.

Whether you are a homebuyer or homeowner looking to purchase, renew or refinance, or you are seeking personal insurance, having an expert on your side is invaluable.

10/29/2026

I think many homeowners need to hear this right now.

When you choose a variable-rate mortgage, the idea isn’t to panic and lock into a fixed rate the moment the Bank of Canada announces an increase. That defeats the purpose of the strategy.

Historically, variable rates have often come out ahead of fixed rates over a five-year term. That doesn’t mean they’ll always be cheaper, or that rates only move in one direction. There will be increases, decreases and periods where nothing changes. That’s part of being on a variable rate.

Of course, there are exceptions. COVID was a black swan event. Inflation took off, and the Bank of Canada had to raise rates aggressively to bring it under control.

But we’re not in the same situation today. One 0.25% increase doesn’t automatically mean we’re heading into another cycle of aggressive rate hikes.

Here’s what I really want people to understand.

For many borrowers, there is still a significant difference between their existing variable rate and what they would pay if they locked into a fixed rate today.

Depending on the rate you secured, you could see another increase or two and still be paying less interest than you would by switching to a fixed rate now.

And remember, locking in doesn’t necessarily mean you’re getting the same rate you have now, just without the fluctuations. You’re accepting the lender’s current fixed rate, and you need to consider the terms, conditions and potential penalties that come with it.

I'm not saying variable is always the right choice. There are definitely situations where a fixed rate makes more sense, especially if knowing exactly what your payments will be is important to you.

But don't making a decision about your mortgage based on one rate announcement.

When I recommend a variable rate, I’m not assuming rates will never increase. I take that possibility into account when looking at the options available to my clients.

It’s about looking at the bigger picture, not reacting to every headline.

If you’re thinking about locking into a fixed rate, let’s look at your actual numbers first. You might find that staying variable still makes more financial sense.

10/28/2026

Today, the Bank of Canada increased its overnight rate from 2.25% to 2.50%, the first rate hike since 2023. This means that most prime rates change from 4.45% to 4.70%.

Although many economists were expecting the Bank of Canada to hold rates steady, I was personally leaning towards a hike. With inflation proving more persistent than expected, rising energy costs and growing concerns about inflation expectations, I felt the risk of another increase was becoming harder to ignore.

Central banks don't make decisions in isolation, and what's happening globally can influence inflation, bond yields and currency movements here in Canada. But ultimately, the Bank of Canada's job is to keep Canadian inflation under control while considering the health of our own economy.

What does this mean for you?

🏡 If you have a variable-rate mortgage:
Adjustable-payment (dynamic) variable: Your payment will increase when your lender raises its prime rate by 0.25%.

Fixed-payment (static) variable: Your payment stays the same, but more of it goes towards interest and less towards paying down your principal. If rates rise enough, you could reach your trigger rate, which may require a payment increase or other action

🔒 If you have a fixed-rate mortgage: Nothing changes with your current rate.

👀 If you're buying or renewing soon: This is a reminder that rates can move in either direction.

My advice? Don't panic, but don't ignore the changes either. The right mortgage strategy depends on your circumstances, your plans and how much risk you're comfortable taking.

10/26/2026

Should you be locking in your mortgage rate? 👀

I’ve been getting lots of questions and enquiries lately from homeowners wondering whether they should be locking in their mortgage rates, especially with all the headlines about rates potentially going up.

So, let’s clear a few things up.

First, not all mortgage rates move for the same reasons.

Fixed rates are influenced largely by bond yields, which move based on inflation expectations, economic data and what the markets think is coming next.

Variable rates are generally tied to your lender’s prime rate, which is influenced by the Bank of Canada’s overnight rate decisions.

This means fixed rates can increase even when the Bank of Canada hasn’t raised its rate.

But here’s something important to understand if you’re currently in a variable mortgage and thinking about locking in.

Locking in doesn’t mean you simply keep your current rate but switch to a fixed mortgage. Your lender will offer you a fixed rate based on factors such as the remaining time on your term, their current rates and what they’re prepared to offer to retain your business.

And yes, your lender wants to keep you as a client.

Why? Because retaining an existing client is generally less expensive than acquiring a new one. If you’re in an eligible closed variable-rate mortgage, the penalty to break it is typically three months’ interest, which can make switching lenders a realistic option. That gives you some negotiating power when discussing a fixed-rate offer.

So, should you lock in?

It depends on your circumstances, your current rate, how much time is left on your term, the fixed rate being offered and your comfort level with interest rate changes.

Don't assume your lender's first offer is necessarily the best one available to you.

If you're worried about the headlines or wondering whether it makes sense to lock in, it's worth reviewing your options before making a decision. A little research now could save you money over the rest of your mortgage term.

10/24/2026

Lovely review from another Lorraine, my namesake; one of my latest clients 💙. Sounds cheesy but this is exactly why I love what I do! I couldn't even write such a great review for myself if I tried! Happy clients = happy life.

10/21/2026

Loving this October weather!

10/20/2026

Sometimes, refinancing can be about a lot more than your mortgage.

I have a couple of clients refinancing this week, and one family’s situation is a great example of why it’s worth looking at the bigger picture.

They have hundreds of thousands of dollars in loans and credit card debt, but they also have significant equity in their home. By refinancing, we can look at using that equity to tackle the debt and simplify their monthly payments.

Here's how and why.

When you’re carrying a lot of high-interest debt, every loan and credit card comes with its own minimum payment. It can become a juggling act, and if you start falling behind, missed payments can damage your credit and make an already stressful situation even harder to get out of.

Left unchecked, things can escalate quickly.

The key is to look at your options before debt becomes overwhelming. If you have equity in your home, refinancing may be one way to get things back under control.

It isn’t the right solution for everyone, but a closer look at your overall mortgage and financial picture can reveal options you didn't realize you had.

If debt is starting to feel like too much, don't wait until you're out of options to have a conversation.

10/20/2026

Homeowners may be tempted to take the mortgage rate offered in a renewal letter, but savvy borrowers see it as the start of a negotiation process that could lead to big savings.

10/19/2026

One of my happy places 🤍

There’s something special about taking a little time to slow down, switch off, and just be. I like to listen to meditation music or solfeggio.

Life gets busy, and it’s easy to get caught up in work, chores, and just about everything else that needs doing.

I’m trying to be better about making time for myself, like a sauna, going for a hike, a hot tub or watching a TV show (Love is Blind is my go-to right now 🍿).

A little reminder to slow down and make time for the things that make you feel good and are good for you! 🤍

10/15/2026

“I got approved! So we're all done, right?” 👀

Not always! Let’s talk about what a mortgage approval actually means.

When I tell you your mortgage is approved, it doesn't necessarily mean the paperwork is finished or that the lender has everything they need.

It means I've reviewed the file, worked through the lender's requirements, and I'm confident I can satisfy the outstanding conditions and get your mortgage funded.

That might mean I still need:
📄 Updated pay stubs or employment letters
🏦 Further bank statements
🏠 Property documents or appraisal
✍️ A few more items the lender needs before closing

So why call it an approval if there’s still more to do?

Because there's a big difference between hoping a mortgage will work and having a lender approve it, with a clear path to satisfying the remaining conditions.

An approval gives my clients the confidence to remove their financing subject and move one step closer to their new home.

My job isn't just to get my clients an approval. It's to know what needs to happen next and keep everything moving toward funding, without them seeing the work that goes on behind the scenes and feeling unnecessarily stressed out. That's my ultimate goal.

Address

3025 Wales Road
West Kelowna, BC
V1Z2B7

Opening Hours

Monday	8am - 8pm
Tuesday	8am - 8pm
Wednesday	8am - 8pm
Thursday	8am - 8pm
Friday	8am - 8pm

Website

https://4frontmortgages.com/personnel/lorraine-bromley/

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