Do's and Don'ts Before Your Mortgage Funds
November 29, 2019 | Posted by: Keith Leighton
Do's and Don'ts Before Your Mortgage Funds
While you may have a pre-approved or approved mortgage, it doesn't fund until the day you close on your new home. Keep the following tips in mind to ensure a smooth closing:
1 Keep your bills up-to-date, including your current mortgage (if applicable).
2 Don't add any new credit without consulting with me first, including co-signing a loan.
3 Keep the money for your down payment separate so you have enough at closing to complete the purchase.
4 Have enough money set aside for other closing costs. Contact me for a list of the costs you can expect.
5 Don't pack any important documents relating to your mortgage/home.
6 Just before funding is not a good time to quit your job, move to part-time, or reduce your income. If your employment situation has changed, please contact me right away.
7 Don't change your closing date without telling me first and remember to satisfy all conditions of your mortgage approval at least 10 days before closing.
8 Get your home insurance in place, it's an important part of your mortgage - lenders require it before advancing funds.
9 Talk to your local Dominion Lending Centres Ideal Mortgage broker about insuring this new debt with mortgage life and disability insurance.
10 Enjoy your new home!
