The Impact Of COVID-19 On Getting A Mortgage For A New House

Purchasing a home is usually the highest investment that any person will make. It is not something that they do at the drop of a hat, but have a lot to consider when going through with a deal of this scale. Finding the right mortgage broker to provide the most favorable payment terms and duration is ideal.  

There was a significant slump in the market during the peak of the Coronavirus pandemic. However, home sales have now jumped drastically with the easing of the lockdowns. More and more people are inquiring about mortgages, and record-low interest rates have boosted affordability everywhere. I expect to be quite busy over the next months as we see people returning to work and looking to take advantage of record-low interest rates.

In the beginning, there was a slow down due to the uncertainty of how things would play out. In the Spring, which is usually the busiest time of year in real estate, many people who were actively looking to purchase had to put their plans on hold due to temporary layoffs and changes in their employment situation because of COVID-19 and the lockdown. With cities and municipalities slowly loosening restrictions and lockdown measures, people are getting back to work, and we've seen a sharp jump in sales since May.

I have been working diligently to keep in touch with my clients throughout the pandemic. Especially now, with rates at an all-time low, many people are looking to take advantage and purchase new homes or refinance their existing mortgages.

As a company, we were working remotely since March and plan to continue doing so for some time until the effects of the virus begin improving. I used to try to meet with all of my clients in person, which has not been possible since the pandemic started. Thankfully, I've been able to adapt my practices by offering video meetings with clients instead of face to face meetings. I am thankful to have a job that makes it easy to work remotely. I have only gone to my office two or three times since the pandemic started. There are only a few others who I share the office space with, and we have all agreed to practice social distancing, wearing masks, washing our hands regularly, and disinfecting common areas when in the office at the same time. My staff and I have been working remotely throughout the lockdown, but, on the rare occasion that we go to the office, we have hand sanitizer readily available, spare masks, spare rubber gloves, and disinfectant wipes to clean down the workspaces. 

My working hours have not changed. I am still available days, evenings, and weekends for phone and video meetings, as well as responding to emails.

As of right now, I am not meeting any clients in-person. With fears of a second wave coming, I prefer to err on the side of caution to protect my clients and myself. I have adapted to offering video calls instead of face to face meetings. I hope to be able to resume taking in-person meetings soon and will notify my clients when I feel comfortable doing so.

I have been accommodating video meetings through Zoom, WhatsApp, and Facetime. My preference is whichever is most convenient for my client. While we are not strict about the platforms we use, we are open to accommodate the requirements of our clients as long as we create a comfortable experience for all involved. I partake in virtual meetings and presentations, which I'd usually attend in person. 

We're getting closer to the light at the end of the tunnel. It's been nice being able to spend a bit more time with family, although it has been a challenge to balance work and home life. For the most part, it's been business as usual for me, even in these unprecedented times. I know there are still a lot of unknowns about how things will play out in the coming months, but I am available and eager to help both new and existing customers.

If you are looking for assistance with your mortgages, I am a Mortgage Broker in Toronto, ON and the right person to help you with your requirement. Get in touch with my firm, Mortgages By Erin, and I will go through all your details and be able to provide you with the best solutions to move forward. I have been working in this industry for more than a decade and understand it quite well, I know that no two people have the same requirements when getting through the process.

While working with my clients to help them find their dream homes is my primary concern, I assist them with other mortgage requirements as well. I offer Mortgage Services to clients across Ontario including North York, Scarborough, Etobicoke, Toronto, Mississauga, Markham, Vaughan, and Richmond Hill, ON. If you want to have a better understanding of the services I provide, click here. If you are looking to get in touch with me, either for information on mortgages or if you would like my assistance with getting one, please client here.