Mortgage Intelligence

Oshawa's Mortgage News Desk!

Mortgage Closing Tips

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What you should and shouldn’t do right before your mortgage funds.

Image by courtesy of

Image by courtesy of

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 your mortgage broker first, including co-signing a loan.
  3. Keep the money for your downpayment separate so you have enough at closing to complete the purchase.
  4. Have enough money set aside for other closing costs. Contact your mortgage broker 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 your mortgage broker right away.
  7. 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.
  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 mortgage broker about insuring this new debt with mortgage life and disability insurance.
  10. Enjoy your new home!



David Hetti is a full time Mortgage Broker with Mortgage Intelligence (FSCO Lic MO8002434) David is the Director of Operations at Mortgage Intelligence Oshawa and heads a team of full time licensed Mortgage Agents serving all of Ontario. David is also a licensed Insurance Consultant.

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