Now that we have you approved for a mortgage, I wanted to share with you some vital information to ensure your financial picture doesn’t change. This will help prevent any hiccups when it comes to your purchase/renewal or refinance completion. This is just a regular part of The Angela Calla Mortgage Team’s commitment to keeping you informed throughout the life of your mortgage.
Since the following would have a direct impact on your approval, we advise you to adhere to the following advice:
1. DON’T Change employers, jobs or income type.
2. DON’T Have any other credit checks conducted, including those through banks, department stores and credit card companies.
3. DON’T Get any new loans, credit cards or “don’t pay until…” offers, buy a new car or spend to your limit on your existing loans, lines of credit or credit cards.
4. DON’T Closeout active accounts.
5. DON’T Get into any disputes that will result in collections (i.e. unpaid parking tickets, cell phone bills, hydro, etc).
6. By all means, DON’T schedule a vacation 2 weeks prior to the date of the completion of your mortgage with any of the parties involved in the title!! Take a holiday after. Lenders and lawyers can request things last minute that you will be required to provide or handle. Save the trip for after the completion. If you do choose to take a trip, don’t expect things to go smoothly!
7. PLEASE Disclose the shape of your property upfront. It’s not ok to have your home gutted or extensive renovation and expect that an appraiser or lender will notice and be ok with it, it will likely impact your value and the approval.
8. DON’T make changes last minute to the amount, date or term. This is the biggest way to cause a problem. It is a big deal to get everything through all the powers at be that need to approve these changes. It’s not a simple click of a mouse. Keep in mind all conditions must be met 10 business days prior to your completion date and changing anything can add to the interest cost in most cases.
9. At times people get married or divorced and have changed their name or forgotten that they previously had a co-signer on their mortgage. This will require some legal changes that will have an added expense to your legal fees and change all the paperwork delaying your process if you didn’t note it in the INITIAL mortgage application.
Some of these may sound like “common sense”, but we’re sharing experiences from real scenarios that we’ve encountered and learned that not everyone thinks about how simple changes can affect their approval.
Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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