For our clients who are expecting to experience financial hardship and may be in need of some temporary mortgage relief, we’ve published a list of contact numbers for our lenders. Please be advised that they are assessing situations on a case by case basis and will be backlogged due to high volume.Stay Updated on Facebook
Here are a few things to consider to help you make the appropriate mortgage decisions in a turbulent world:
Down Payment: Where are your down payment funds coming from? If your down payment is held in investments, RRSP’s, mutual funds, etc., it’s best to double check the current market value of these accounts to make sure you have sufficient funds for your planned down payment. A lot of portfolios have been impacted by the current state of the economy and financial markets.
Appraisals & Inspections: Please double check beforehand that the appraiser and home inspector is able/willing to visit the property.
Subject to financing: Lenders are dealing with high volumes of mortgage applications and are experiencing unprecedented delays due to staffing, appraisals, etc. As such the approval process is taking longer and needs to be adjusted for by your realtor when dealing with both subject removal and completion dates in your contract. Check with us first and we’ll advise based on the current turnaround times.
Income documentation: It’s imperative that you gather the required income documents in a timely manner. Employers and employees are facing significant challenges right now and job loss or temporary shutdowns are rampant. Please consult with us and we’ll do our best to address your concerns, questions, etc.
Lawyers/Notaries: You will need to ensure that your legal representatives are working and have a method to complete the required paperwork. Many firms and professionals are enforcing proactive measures to operate in a safe manner while still processing real estate and mortgage transactions. This part of the process, unfortunately, has to be face to face. As such, they will not be able to take on as many deals and will take longer to process the existing ones. Please be mindful of this as they are working hard and do not have the option to work remotely.
The mortgage world is changing rapidly. We are adapting to the challenges but conditions can change. Please plan ahead and plan accordingly.