Open for Business During COVID-19

Carola Singer • April 22, 2020

If you're thinking about buying a new property, refinancing your existing mortgage, or if your mortgage is up for renewal, you might be wondering if getting a mortgage is even possible amid a global pandemic? Be assured that it is possible, mortgages are being written, and we're open for business (virtually). 


Although it may not be business as usual. Mortgage brokers are still brokering, lenders are lending, real estate agents are selling houses, appraisers are appraising (virtually), inspectors are inspecting (some in hazmat suits), while lawyers continue to do what it is that lawyers do. Albeit in a climate of social distancing, with the increased use of technology. 


Here are 3 things to consider while you plan for mortgage financing during the COVID-19 pandemic.


Everything is taking more time | Prepare yourself


As almost everyone involved in getting you a mortgage has had to alter the way they regularly do business, entire workforces are shifting from in-person to online. Despite the uptake in technology, things are taking a little longer than usual. Compounded by the fact that lenders are dealing with high submission volumes from clients wanting to defer mortgage payments, processing new mortgage applications can take longer than in previous months. 


Your best plan of action is to prepare yourself ahead of time. Everyone is under a lot of pressure, so do everything you can to make sure your proverbial ducks are in a row and that you allow enough time to get everything done. Get as much of your personal documentation together upfront and be as organized as possible, it will go a long way in making for a smooth transaction. 


Technology is keeping things running.


While many of the typical steps in the home buying process have been disrupted, with the use of technology, it is possible to buy a home while isolating in COVID-19. 


Mortgage, real estate, and lawyer's documents should all be signed online. Although new technology can be scary, e-signatures allow transactions to take place, while doing your part to keep a social distance. 


Admittedly, not the same as walking through a property, virtual tours allow you to get a sense of feel for a property more so than simple pictures. A lot of listings should have a virtual tour, while many real estate professionals are hosting virtual open houses, where they can take you on a virtual journey through the property using their phone. 


Appraisers aren't required to complete a physical inspection any longer to determine a property's value; instead, everything happens online. An appraiser will use information from MLS data, municipal permits, property assessment information, client or owner information, and any other available source to estimate the physical characteristics of the house interior and the remainder of the property to come up with a valuation. 


If you're looking to refinance or renew an existing property, the same is true, with the use of e-signatures and virtual appraisals, you can get a new mortgage, assuming you qualify. 


You should expect more scrutiny on your mortgage application!


With over half of Canadians claiming to have lost work due to the COVID-19 coronavirus, it's not surprising that lenders are making a move towards extra scrutiny when assessing your overall application and employment documents. Lenders want to ensure your job stability now but also if things get worse down the line, you have good job prospects in the future. 


As far as income goes, in a COVID-19 world, past job performance and income isn't a reliable indicator of future performance and income, everything has changed, and lenders are doing their due diligence. Lenders are becoming more conservative and risk-averse. 


Lenders are starting to ask for income documents upfront. There is no use entertaining your mortgage application if they aren't confident about your prospects of employment. 


Also, for self-employed borrowers, in addition to the standard required documentation of your past business income, you might be required to provide additional documentation going forward. Including, but not limited to: a description of your business activities, number of employees (including how many are actively working or laid off), current business status (operating or shut down), along with bank statements to prove stable income. 


So although it might take a little longer than usual to get a mortgage, and you can most likely expect more scrutiny on your application, with the increased use of technology, mortgage financing is still possible. 



If you'd like to discuss your personal financial situation, and how to go about getting a mortgage in these unprecedented economic times, we might not be able to get together in person for a coffee, but I'm open for business virtually and would love to help; please contact me anytime! 


RECENT POSTS 

Divorce and Your Mortgage: What You Need to Know

By Carola Singer • January 21, 2026
Going Through a Separation? Here’s What You Need to Know About Your Mortgage Separation or divorce can be one of life’s most stressful transitions—and when real estate is involved, the financial side of things can get complicated fast. If you and your partner own a home together, figuring out what happens next with your mortgage is a critical step in moving forward. Here’s what you need to know: You’re Still Responsible for Mortgage Payments Even if your relationship changes, your obligation to your mortgage lender doesn’t. If your name is on the mortgage, you’re fully responsible for making sure payments continue. Missed payments can lead to penalties, damage your credit, or even put your home at risk of foreclosure. If you relied on your partner to handle payments during the relationship, now is the time to take a proactive role. Contact your lender directly to confirm everything is on track. Breaking or Changing Your Mortgage Comes With Costs Dividing your finances might mean refinancing, removing someone from the title, or selling the home. All of these options come with potential legal fees, appraisal costs, and mortgage penalties—especially if you’re mid-term with a fixed-rate mortgage. Before making any decisions, speak with your lender to get a clear picture of the potential costs. This info can be helpful when finalizing your separation agreement. Legal Status Affects Financing If you're applying for a new mortgage after a separation, lenders will want to see official documentation—like a signed separation agreement or divorce decree. These documents help the lender assess any ongoing financial obligations like child or spousal support, which may impact your ability to qualify. No paperwork yet? Expect delays and added scrutiny in the mortgage process until everything is finalized. Qualifying on One Income Can Be Tougher Many couples qualify for mortgages based on combined income. After a separation, your borrowing power may decrease if you're now applying solo. This can affect your ability to buy a new home or stay in the one you currently own. A mortgage professional can help you reassess your financial picture and identify options that make sense for your situation—whether that means buying on your own, co-signing with a family member, or exploring government programs. Buying Out Your Partner? You May Have Extra Flexibility In cases where one person wants to stay in the home, lenders may offer special flexibility. Unlike traditional refinancing, which typically caps borrowing at 80% of the home’s value, a “spousal buyout” may allow you to access up to 95%—making it easier to compensate your former partner and retain the home. This option is especially useful for families looking to minimize disruption for children or maintain community ties. You Don’t Have to Figure It Out Alone Separation is never simple—but with the right support, you can move forward with clarity and confidence. Whether you’re keeping the home, selling, or starting fresh, working with a mortgage professional can help you understand your options and create a strategy that aligns with your new goals. Let’s talk through your situation and explore the best path forward. I’m here to help.

First-Time Buyer? Here’s How to Tell If You’re Ready

By Carola Singer • January 14, 2026
Ready to Buy Your First Home? Here’s How to Know for Sure Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership? Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path: 1. You’ve Got Your Down Payment and Closing Costs in Place To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments. If you’ve managed to save this on your own, that’s a great sign of financial discipline. If you're receiving help from a family member through a gifted down payment , that works too—as long as the paperwork is in order. Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership. 2. Your Credit Profile Tells a Good Story Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history. What they typically like to see: At least two active credit accounts (trade lines) , like a credit card or loan Each with a minimum limit of $2,000 Open and active for at least 2 years Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert. 3. Your Income Can Support Homeownership—Comfortably A steady income is essential, but not all income is treated equally. If you’re full-time and past probation , you’re in a strong position. If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify. A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income . That leaves plenty of room for other living expenses, savings, and—yes—some fun too. 4. You’ve Talked to a Mortgage Professional Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far. If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll: Get pre-approved (and know what price range you're working with) Understand your loan options and the qualification process Build a game plan that suits your timeline and financial goals The Bottom Line: Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice. If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.