Can A Mortgage Broker Still Help Me During The Pandemic?

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Can A Mortgage Broker Still Help Me During The
Pandemic?
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• Whether you had started to search for a new home
  before the pandemic struck or are just now
  beginning to think about your options in the
  light of Covid-19, you might be wondering whether
  a new mortgage is even possible right now. Well,
  rest assured that it is possible, but with
  several caveats, and a mortgage broker is
  absolutely the best person to help explain these
  to you
• What you need to know about getting a mortgage
• Experts are telling us that most of Canadas big
  banks are continuing to finance home purchases
  irrespective of the current state of the economy,
  but they are being extremely cautious and
  conservative with what they are lending, and to
  whom.

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• No longer are the big 5 making exceptions on
  debt-service ratios, and discounts that
  previously existed on prime and variable
  mortgages have all but been eliminated.
• What if youre self-employed?
• Depending upon what industry you work in, if
  youre self-employed youll certainly face more
  scrutiny from banks and may struggle to get a
  mortgage as things currently stand.

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• Proof of employment is now required
• For mortgage approval from any bank now, an
  updated letter from your employer is mandatory,
  and in many cases, banks are calling up employers
  to confirm that an applicant still has a job.
  Banks are also asking that those applying for a
  mortgage produce recent pay stubs up to two weeks
  before a deal is set to close.
• What do the experts say?
• Experienced mortgage brokers are urging their
  clients to ensure that their files are in order
  and up-to-date, and that mortgage conditions are
  met quickly, to help secure and close deals.

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• While many mortgage brokers have closed their
  office doors to clients, many can be reached by
  telephone and email, and are keeping their
  working hours as close to normal office hours as
  possible, given the new demands the current
  crisis is placing upon everyone. So, if youre
  not entirely sure where you stand with respect to
  your mortgage application, you can reach out to a
  broker and seek their expert and experienced
  guidance.
• Be patient
• Mortgage brokers are also warning applicants that
  deals are taking longer to fund right now due to
  the sudden and sustained influx of applicants,
  which were recently reported to be up by 400.

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• This is due mainly to home buyers, and homeowners
  seeking to refinance, wanting to take advantage
  of lower fixed interest rates. Be prepared to
  wait up to 10 days or longer for approval on
  financing, and anything up to a month before you
  get any cash in your pocket.
• These are unprecedented times for businesses,
  banks and the economy, but if youre stuck
  wanting to purchase a home or refinance your
  current property, you do have options, its just
  that theyre not what you are used to, and they
  are subject to change. Work with an experienced
  mortgage broker who can guide you through the
  process under the new rules and help you get the
  best result for you and your circumstances.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best calgary mortgage broker and is proud
  to serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for mortgage broker in Calgary, with
  Luke Wile you can get fast and personal expertise
  for your mortgage!