OK, so you’ve received a mortgage approval, but completion isn’t for another sixty to ninety days. During this “in-between” time, follow the tips below to ensure everything goes accordingly.
- Try not to take on any additional credit, such as new credit cards or car loans.
- Make sure to pay off your bills in a timely manner
- Determine your closing costs, such as property transfer tax, appraisal, legal fees, and property tax adjustments. This way their will be no surprises come closing time.
- Watch your investments closely, especially if you’re planning on using them for your down payment.
- Don’t quit your job, move to part time, or reduce your income.
- Make sure to update your mortgage agent if there’s been a change to the closing date. An addendum will be needed, which one can get from the Realtor.
- Ensure all paperwork is submitted to the lender at least 10 days prior to closing.
- Get fire insurance in place and investigate life insurance options.
- If purchasing a condo, in most cases one does not need home insurance. Makes sure to double check with Strata though.
- Make sure to clarify with Notary or Lawyer what paper work is required for your meeting with them.
Good luck!