How COVID-19 is Changing the Current Mortgage Landscape

The Mortgage landscape is continually shifting to keep up with the challenges that COVID-19 has presented. Here is a quick summary FYI:

Pre-Approvals - If you have a pre-approval in place, you need to be aware that any change to your employment or financial situation will affect it. It is important to contact your mortgage broker before writing any offers to purchase on a new home.

Approvals – Our Mortgage Brokers have a heightened sense of awareness of potential complications with the growing number of layoffs due to COVID-19. They clearly explain to purchasers they need to contact us immediately
if any material changes occur so we can work through any issues that arise as soon as possible.

Appraisers/Home Inspectors/Lawyers - All are taking the proper precautions in dealing with COVID-19 and it is important to remember that things are changing daily. With appraisals, for example, lenders are making procedural adjustments and are starting to allow different types of appraisals to be completed to alleviate any safety concerns. Lawyers are also taking extra precautions when clients attend their office for a signing.

E-signatures – Many lenders are now adopting e-signatures so brokers and clients can continue to conduct business safely. 

Mortgage Brokers are an Essential Service – Mortgage Brokers, like Real Estate Services, have been deemed an Essential Service by the Manitoba Government. Thanks to technology, our Mortgage Professionals can complete the entire mortgage process remotely via phone, email and video meetings.

At One Link Mortgage, we see our jobs and the service we provide our clients, as more important than ever. During these challenging times, Manitobans rely on professional services, and we are here for you.