Are you currently deferring your mortgage due to the pandemic? If so, you should know that if you plan to purchase a new residence, refinance, or switch mortgage providers you must be back to making regular payments and have confirmation from your existing lender that the deferral has ended, especially to receive the best rates. Although deferring your mortgage should not impact your credit (provided you have done it properly though your lender), banks, mono-lines, and credit unions need to see that your ability to pay your credit facilities has returned to normal before lending you new funds.
If you have any questions about how COVID-19 has affected mortgage rules, contact one of our Mortgage Consultants today.
