For those of you who don’t have the time to watch a 25-minute video, here are the questions covered, and the times at which they appear so you can skip ahead…
Question #1 from Natrx @ 2m 38s
What are the chances, the lender reduces the amount from their pre-approval during closing?
I’ve heard even before this, brokers were seeing an uptick in deals not being able to close.
Question #2 from Mike @ 5m 34s
Great topic, David!
My question is not necessarily COVID related: can the banks pull a firm mortgage commitment at any time?
If the borrower has signed all the paperwork let’s say one week before closing, can the bank get out of the deal?
Question #3 from Condodweller @ 11m 09s
I’m curious if Tony has any data on HELOCs whether banks are reviewing them, reducing them (due to income loss or new lending criteria), or even changing interest only HELOCs to principal + interest payments and if so how are they handling these as presumably the change has a good chance of triggering the necessity of refinance or in the least payment deferral as it would make the new payment unaffordable.
Question #4 from Deb @ 15m 29s
This might be a little novice for some people in here but can you explain the math in when it makes sense to refinance?
Question #5 from Chris @ 17m 16s
Tony, you want to wade into our guessing game?
When does Feb 2020 GTA average sales price get restrained?
Question #6 from Ed @ 20m 41s
If someone was on the edge of getting approved for a mortgage before this crisis how much harder is it for them to get approved today and why?
What has changed in the approval criteria?
Which of, if any, the big banks has made it much more difficult to qualify?