Ask The Experts: Mortgage Financing And Requirements

ask the experts Home Safari . . . It’s A Jungle Out There

By Dave Halliday

Ownership, the very word invokes a sense of maturity, responsibility, and independence. Young adults are almost instinctively in search of those three attributes; however, in current times, the concept of home ownership may be even more difficult than ever.

Even for the more seasoned veterans of the local housing market, the present conditions can be intimidating. Multiple bidders, escalating prices and avoidance of conditional offers, are all challenges facing anyone entering the real estate free for all in Windsor and Essex County.

With so many variables and uncontrollable aspects to the process, it is encouraging to know that there is one part of it that we can take charge of . . . financing. With the help of a knowledgeable mortgage specialist you can at least begin the hunt for a home with your financial house in order.

We at Biz X were fortunate to sit and discuss the details of mortgage financing and requirements with Susan Willcock, Senior Mobile Mortgage Specialist with RBC Royal Bank of Canada (Mortgage.RBC.com/susan.willcock) who has 31 years of expertise assisting local prospective home buyers.

In today’s market what should your clients

have ready to get the process moving? “The Windsor/Essex market is very competitive and it is extremely important to have the right supporting documents upfront and on file with your mortgage specialist before going in search of your perfect home,” replies Willcock. “Clients should gather current valid government issued identification, current employment letters, two current pay stubs, T4s or W2s from previous years and a 90 day history on funds being used for the down payment, before meeting with me.”

What mortgage related services do

you assist your clients with? “We provide mortgage options that are right for you, including pre-approvals for first time homebuyers, repeat homebuyers who are upsizing or downsizing, second home purchases for children attending university, and investment property purchases,” she mentions. As well as, “Switching mortgages advice, and refinancing (equity takeout) to consolidate and save on interest and increase monthly cash flow. Mortgage rates continue to be low, why pay high interest on those renovations, or unsecured lines of credit and credit cards? Make your equity work for you!”

Certainly, the pandemic has complicated the way in which the world conducts business. How did you rise to the occasion to continue to provide your expertise amidst the COVID-19 restrictions?

“RBC has provided me with the technology to meet clients virtually via a private Webex virtual room and it works extremely well,” Willcock answers. “Clients find it more convenient for their schedules as I am available to meet virtually with extended hours and Saturday appointment times.”

In consideration of the competitive housing market, what advice can you offer regarding

their mortgage considerations? “Set yourself up for success by scheduling an appointment with me to discuss a future home purchase,” advises Willcock. “I provide my clients with a firm mortgage approval, meaning that all income documents, down payment verification, and client credit bureaus are taken upfront to avoid any surprises.”

Do you have any specific advice for first time

home buyers? “Be patient and build your team of professionals (real estate agent, mortgage specialist, home inspector, and lawyer), your professional team is assembled to protect and educate you,” says Willcock. “This is something I can help you with.” She adds; “Ensure you have your down payment and closing funds ahead of searching for a new home, and (know that) as a first time home buyer the land transfer tax credit is still available up to $4,000 on the purchase of your first home.”

What can you do as a mortgage specialist to assist your clients in obtaining their mortgage

at the best rate? “RBC offers a 120 day rate commitment from time of application — this provides clients with 120 days to search and close on a home,” she explains. “We also offer longer rate commitments for NEW home builds, as we understand that it takes longer to close a new home purchased through a builder, due to potential COVID-19 pandemic related delays. I stay closely connected with clients during their home buying journey and check in at the 60 day mark to ensure they are still searching, and obtain any updated supporting information if needed.”

In summary what would you say are the keys to ensuring success in one’s home buying

and mortgage experience? “Obtain a firm mortgage pre-approval and build a professional team, including a licenced REALTOR, certified home inspector, professional mortgage specialist and a qualified lawyer,” lists Willcock. “Always maintain open and continuous communication with your team, as staying connected and updated are essential keys to success in this market.”

So there it is! The real estate market is a jungle and to survive in it you have to be prepared.

You have your team assembled and your mortgage considerations are all worked out. Now the really difficult tasks arrive, such as finding a parking spot anywhere near a house that is having 20 showings today, but is accepting offers at 6 p.m. tomorrow. Happy hunting!