There continues to be a myriad of changes that happen almost daily with the COVID-19 Pandemic. Each day there are new measures, regulations and information that apply to Canadians everywhere. We are working hard at our GLM Offices to compile the latest real estate and mortgage industry news for you weekly, so you can stay in the know.
Here is what has changed this week:
- First, we want to say that GLM Mortgage Group is still operating and we are well equipped to continue servicing our clients at this time. Our team works remotely which means that we can follow public health prevention recommendations while staying 100% dedicated to our customers.
- We want to remind you that if you find yourself in the position that you are to be self-isolated, quarantined, or laid off from work and need help with your mortgage payments please reach out directly to your lender. Most lenders have options available to skip a payment or have payments deferred. It is imperative that you reach out to the lender and request this though. Each lender has different options and with how quickly COVID-19 is developing many lenders are updating their policies as well. At this time we are being told that lenders are dealing with each client on a case by case basis. We have included a list of lender numbers at the bottom of this article, but if you do not see your lender listed, please reach out to us.
- If you are currently in the process of purchasing or selling a home, we have compiled a few notes for you specifically:
- Land Registry Offices Remaining Open – For Now
Currently, there are no plans to close the LROs. This may change, but currently, LROs may be working with reduced staff and will likely prioritize services required for closings (over-rides, pre-approvals, PIN corrections, etc.).
- Banks are remaining open- For Now
All of Canada’s major banks have indicated an intention to remain open. Similar to other businesses, the banks may be working with reduced staff or locations and there may be delays in processing requests.
- To minimize the impact to your business during these uncertain times, Federal Canadian Title Company (FCT) is offering Extended Gap Coverage for commercial and residential transactions at no additional cost. In the event that there is a disruption to provincial land titles/registry offices, they have provided some steps you can take to minimize the effect. You can learn more by clicking here.
We want to encourage you during these uncertain times—we are here for you and your family. We want to help you through this and keep you knowledgeable on what is going on as it relates to your mortgage. If you ever have any questions, please do not hesitate to reach out to us. We are here to help—604-259-1486.