Now that we have you approved for a mortgage, I wanted to share with you some important 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 Close out 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 leading up to the date of your completion of your mortgage with any of the parties involved on 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 likley 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 forgot 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 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, AMP
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm
Phone: 604-939-8777 Fax: 604-939-8795