Refinancing in the age of COVID-19

Approximately 68% of Canadian adults are becoming nervous about their ability to pay their bills and loans in the wake of the recent pandemic, according to TransUnion. This uncertainty is causing many to seek out alternative financing options such as refinancing. Since the unemployment rate is unfortunately rising due to COVID-19, more and more lenders are becoming wary of giving out loans to their customers. This is especially true for those who are self-employed, and these applicants may need to provide much more information supporting their reliable income.

Key Takeaways:

  • A new survey looked at the financial state of Canadian adults after the coronavirus.
  • Most people are worried about their finances, and some are seeking to refinance their homes.
  • Refinancing may or may not be the same as before the coronavirus, depending on your situation.

“Residential sales volume is down drastically for obviously reasons, which provides less sale history data for appraisers to use as price comparisons.”

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