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Interest in home-buying up

The mortgage world evolves daily, even during what we used to think were normal times. We are continuing to adapt the way we do business to protect everyone involved.

I’m not sure if it has to do with rumblings of restrictions beginning to loosen up or people realizing that this new normal may be the case for longer than we originally thought, but we saw a noticeable increase over the last two weeks of clients shopping for and making offers on homes.

There are a few important things to keep in mind right now if you are considering making an offer on a home or looking to refinance your current home.

Some significant changes we’ve seen from lenders over the last few weeks include:

  • Most of the hold-outs are now accepting electronic signatures
  • Requests for more current employment confirmation
    • This includes letters from your employer and your most recent paystub. Up until recently, most lenders would accept these documents dated within 30 days of your application. We are now seeing more lenders requiring them dated within 14 days of application date.
  • Some lenders are requiring that purchasers have more of a safety net (cash on hand) as a buffer
  • Turn around times are overall a little slower
  • With respect to refinances and requests for new secured credit lines, we are hearing that some lenders are tightening up their criteria for what they will approve

We have seen, however, exceptional customer service from our lenders. We’ve heard stories about the sheer volumes of work they have as they, too, adjust to new ways of working.

If you are thinking of purchasing a home or looking to refinance the home you are in, there are a few things you can do to help the process go smoother for all involved:

  • If you were pre-qualified over the last few months, reach out to your mortgage person to confirm you are still good to go shopping. Check to see if they need updated documents or information.
  • Touch base with the firm / person you are going to use for your legal work. Check to see how they are handling mortgage closings, and if they will need anything different from you. Also confirm when they will need to see you, so you can arrange your affairs accordingly.
  • If you are moving large amounts of money from one financial institution to another or trying to purchase a draft to take to your lawyer / notary for your down payment and closing costs, find out early how best to do this. Allow a few extra days to make sure there are no hold ups at closing time.
  • If you are writing an offer to purchase a home, it may be a good idea to add a few extra days for removing your financing subject. In some cases we’ve seen it take a few days to have an appraisal done or to get a firm approval back from a lender. The majority of files are still being approved within normal time frames, but we have seen a few that definitely required a few extra days.

Buying a home can feel stressful at the best of times, but being proactive to make sure you are organized and aware of any changes you need to deal with can help reduce this stress.

Hope that you enjoyed the beautiful sunny weekend, and that you are yours are safe and well. Feel free to reach out if you have any questions about being pre-qualified to buy a home.

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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit http://www.okanaganmortgages.com

Visit their blog at https://www.okanaganmortgages.com/blog

 



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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