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How the COVID-19 Outbreak is Impacting Appraisals and Closings

It’s no secret that life has shifted dramatically over the past few weeks. If you’re in the middle of purchasing or refinancing a home, you may be wondering if it’s safe to move forward — especially if you need to schedule an in-person meeting.

Things have been changing quickly and in some cases dramatically here in Canada when it comes to closing on a home or refinancing your existing mortgage. But just as quickly as the landscape has been changing so too have the guidelines and practices of others involved in the closing process.

Today we break down some of the changes related to the appraisal process (mandatory for almost all refinances and many purchases in Canada) as well as what to expect on closing day with your lawyer

Picture of Dan Johanis

Dan Johanis

Daniel Johanis, the Founder and Principal Broker of Pekoe Mortgages, a digital mortgage brokerage with offices in Ontario and Alberta, has been dedicated to helping Canadians save money and build generational wealth through real estate. He has been recognized for his expertise and has been featured in various prestigious publications including Canadian Mortgage Professionals, CTV News, Real Estate Wealth Magazine, The Toronto Star, Rogers TV, and The Wall Street Journal. Originally from Toronto, Dan now resides in Kitchener-Waterloo with his wife and furry companions. In his free time, he enjoys flying airplanes, practicing Brazilian Jiu Jitsu, and experimenting with culinary creations for his loved ones, when not assisting clients with navigating the complexities of mortgages.

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