What you should and shouldn’t do right 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:
- Keep your bills up-to-date, including your current mortgage (if applicable).
- Don’t add any new credit without consulting with your mortgage broker first, including co-signing a loan.
- Keep the money for your downpayment separate so you have enough at closing to complete the purchase.
- Have enough money set aside for other closing costs. Contact your mortgage broker for a list of the costs you can expect.
- Don’t pack any important documents relating to your mortgage/home.
- 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 your mortgage broker right away.
- Don’t change your closing date without telling your mortgage broker first, and remember to satisfy all conditions of your mortgage approval at least 10 days before closing.
- Get your home insurance in place, it’s an important part of your mortgage – lenders require it before advancing funds.
- Talk to your mortgage broker about insuring this new debt with mortgage life and disability insurance.
- Enjoy your new home!