Mortgage Update – April 2020

SignatureMortgages are still being funded, but lenders are being extra careful right now particularly when it comes to income.  Don’t be surprised if your mortgage provider asks for all income documents to be provided as part of the application process.  Also, don’t be surprised if they ask that your job letter contains a confirmation that your job will be continuing through the lockdown.  Lenders are also starting to ask that borrowers provide confirmation that their pay continues to be paid into a bank account.

Rates initially increased but are now coming down as this is still the Spring market and there is still competition for mortgage business!

It is more important than it has ever been to speak with a mortgage professional about a pre-approval – the times they are a-changing – at least for now.

Stay safe! If you have any questions feel free to contact Karen or our team!

Karen Lemieux
Mortgage Brokers Ottawa