Buying A House During COVID-19

Date: June 17, 2020

Author: Ashish Rai
Title: Financial Consultant
Location: Winnipeg
Ext: 8638

COVID-19 has brought significant challenges to many, including those looking to buy a home. Not only has the economy been impacted, but so too has the way we do business. These changes can be unnerving to members looking to purchase a home, but Westoba can help you navigate these uncertain times.

If you’re in the market for buying a home, here are some tips on how you can be prepared to buy a home and what changes you can expect in the process.

  1. Most importantly is your personal financial situation. If your income has been impacted during COVID-19, this may change the mortgage amount you can be approved for especially if you are currently without work. It’s important to have steady income when seeking mortgage approval. Documentation your financial institution will ask for includes two recent paystubs, bank statements showing direct deposits, an employment letter, and a copy of your latest income tax return or notice of assessment.
  2. Throughout the pandemic, the Bank of Canada interest rate has been lowered multiple times. This means that mortgage interest rates are much lower than they were three months ago. This will positively benefit homebuyers as it means you can expect a lower monthly payment.

How is the experience of buying a house different right now?

Expect a more virtual experience when buying a home. This may mean looking at homes through videos and photos and having discussions with your mortgage specialist, lawyers etc. via email, telephone and online video conferencing systems.

During COVID-19, we are working with our members to find the best solution that’s convenient for them. As always, we are working diligently to put our members first and are here to answer any questions you may have about down payments, legal fees, what you can afford, etc. We encourage you to book an appointment with a mobile mortgage specialist in person or virtually today. A home is one of the most valuable investments you will make in your lifetime so let’s make sure it’s the right time!

Click here to book an appointment or call 1-877-WESTOBA.