There are some things to remember and keep in mind when you are purchasing a home or waiting for your mortgage to fund. It is very important that you consider all of the following to ensure that there aren’t any preventable issues that arise.
You will find that everyone is an expert at telling you what-to-do when you purchase a home or shop for a mortgage. I also think it is just as important to let you know what you shouldn’t do. As your professional mortgage agent, I will do everything I can to ensure a smooth closing for you and your family. Here’s a list of things that you might not realize could impact your mortgage approval
Income and Employment Changes
- Avoid losing your job – do not resign
- If you are on probation with your employer, let me know
- Do not reduce your income level
- Do not change the status of your employment from full-time to part-time
- If you are currently on maternity or paternity leave, or think you will be shortly, let me know
- Don’t forget to disclose if you are currently on short-term or long-term disability
- If you receive other income such as Canadian Child Tax Credit, and it’s going to stop soon
Down Payment and Closing Costs, remember..
- Do not spend your down payment on other things!
- Avoid surprises, by making sure you have enough money for ALL closing costs
- Try not to let your investments slip to a lower value
- If you are using your RRSP, it can take a while to complete the withdrawal process
A lender reserves the right to review your credit rating just before the closing date of your mortgage – if there have been any material changes in your rating, they could withdraw their mortgage approval, avoid this happening by…
- Not increasing your debt load unless we have talked about it
- Not buying big ticket items like a new vehicle without talking to me first!
- Not volunteering to guarantee or co-sign on a loan or mortgage for anyone else
- Not applying for new credit cards or loans
- Not opening a “don’t-pay-for-a-year” account
- Not closing any accounts unless I advise you to
- Don’t wait until the last minute to arrange for property (fire) insurance.
- Don’t just accept the life insurance package offered by the financial institution
- Don’t ignore telephone calls from your lawyer, realtor, or me!
Let me help you make your home financing process as smooth as possible by emailing me at email@example.com or call 519-760-4391.