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!

Back to Main Blog Page

Share This Page On: