This was the year that most Canadians could never have predicted. The real estate market has suffered. But there is good news for Canadians who have considered moving or buying a new home.
If you were planning a move in 2020 but have almost given up hope because of the pandemic, you are not alone. Maybe you purchased a home years ago and wonder how you can avoid standing in another lineup at your bank branch. Perhaps you are a first-time homebuyer and are worried that your dreams of getting your own place will have to wait for a while.
In the home buying process, getting your mortgage details sorted out should be the first step before you start any house hunting.
Today, that entire process has changed from bank branch meetings on your lunch break into something that is available 24/7, with digital documents and virtual meetings.
Here are some things to expect if you are thinking about your next mortgage with a Guelph mortgage broker:
In-person meetings are no longer the norm
Meetings have evolved into calls with Zoom, Facetime, or any other video call that you can do from your phone or computer. Telephone conversations are also much more common than in the past. Homebuyers can connect with a trusted mortgage broker in Guelph online to get answers to all of their questions. It’s possible to never meet your broker in person or, if you do, to have a meeting at a safer outdoor space like a patio or cafe.
"I have worked with clients in Guelph, Northern Ontario and Western Canada, all without an in-person meeting,” says David Pipe, licensed mortgage agent and President at WealthTrack.” The feedback I get is that they are thankful to not have to leave work to meet me during business hours or to find a babysitter for their kids. Almost any modern smartphone or tablet can get the app needed to meet over video."
The application process has been simplified
Completing a mortgage application is also more flexible than ever before. For ease and speed, you’ll want to have a phone call or video chat to provide specifics to your income, down payment amount, and liabilities that you may have. Alternatively, simply complete an online application from your phone, tablet, or computer at a time that works for you, any time of day or night. If you go this route, your broker will receive the application within minutes after you complete it.
Transparency is part of the process
Be prepared to submit documentation to support your income. With so many people's jobs being impacted by the pandemic, lenders are looking for more employment verification. Often this means your mortgage broker will ask you for your last T4, a job letter, and recent pay stubs. "Try not to be surprised if the lender calls your employer to verify your employment,” says Pipe. “Many people's jobs are changing; while lenders understand that, they want to make sure that the income you report is likely to continue."
Signing and submitting documents has become easier
When it comes to signing documents, many lenders have changed their policy to allow digital signatures on some or all of the paperwork. This flexibility opens up the possibility of a zero-touch mortgage. “With some systems including ours, clients don't need a separate scanner app or document signing app to complete their application from a smartphone or tablet,” explains Pipe. “All of these capabilities are built-in. Clients receive an email with links requesting signatures or documentation scans using the camera on their device. We are always happy to walk our clients through this process if it’s their first time using these online tools.”
While it may seem like you are losing that personal touch, most clients love the flexibility of different ways to meet. You might find the mortgage process to be so much easier than waiting in line at a bank branch or taking time off work for a meeting.
If you have been thinking of a move in 2020 and want to have a great experience, get the absolute best mortgage for your unique situation with WealthTrack. Contact David Pipe or visit WealthTrack.ca for handy mortgage calculators, to apply for a mortgage and to access free, informative articles for any homebuyer.
