How to navigate the mortgage process during COVID-19
By NextHome Staff
July 21, 2020
July 21, 2020
Over the last few months, we've seen our world transform at the hands of a global pandemic. We're living in very different times where meeting face-to-face isn't really an option. Despite the new reality, the priority of taking care of our personal finances is one thing that hasn't changed.When it comes to getting a mortgage, there's no shortage of demand right now. In addition to those looking to refinance or switch to the very low rates available, there are many Canadians who purchased homes before the pandemic who are looking to get approved. Further, the real estate market is beginning to heat up again, therefore mortgage demand is expected to rise even further. The good news is that despite the current situation, there are great options available to apply for a mortgage without having to leave your home.In the face of COVID-19, operations and procedures across the mortgage industry have been forced to adapt and do business virtually. With many large financial institutions not exactly built for online, this has lowered efficiencies and increased wait times for many customers. Traditional brokers are also facing this dilemma. Many of them don't have the infrastructure to facilitate the mortgage process outside of their offices, which has prompted a shift toward mortgage technology companies. For example, we have seen a 400-per-cent increase in site visits over the last three months.Mortgage tech companies are a popular choice and have been resilient because they were already built to streamline the process digitally, while still having advisors to support clients throughout the process. People are looking for contactless options and these companies have been able to deliver an efficient way to get a mortgage without delays, often with better results.Regardless of the route you choose, here are a few things to keep in mind if you plan to refinance, switch or apply for a new mortgage during this time: