7 Things to Keep in Mind AFTER Your Mortgage is Approved
Getting approved for your mortgage is an exciting step, but there are still important details to take care of before closing. Staying organized and proactive will help ensure a smooth transition to homeownership. Here are seven things to keep in mind as you prepare for the big move.
1. Keep Your Financial Situation Steady
Avoid major financial changes, such as switching jobs, taking on new credit, or making large purchases like a car or furniture. Lenders may re-check your financial status before closing, and any significant changes could impact your mortgage approval.
2. Wait to Update Your Driver’s License
It’s exciting to have a new address, but don’t rush to change it on your ID just yet. Your lawyer will require government-issued photo ID that matches the mortgage paperwork, so updating it too soon could lead to complications and delays.
3. Shop Around for Home Insurance
Home insurance is a requirement for mortgage funding, so take the time to compare policies. Securing proper coverage early can help you avoid last-minute delays and ensure you get the best protection for your new home.
4. Schedule Time for Legal Appointments
You’ll need to meet with your lawyer in person to finalize the legal details of your purchase. If you have upcoming travel plans, notify your lawyer in advance to prevent potential delays.
5. Plan for Property Tax Payments
Property taxes can be an unexpected expense if you’re not prepared. If you plan to enroll in a tax installment program, do so before meeting with your lawyer. If your mortgage includes property taxes, be ready to pay extra upfront depending on your closing date. Your lawyer will review the details with you, but it’s ultimately your responsibility to ensure everything is set up correctly.
6. Update Your Address at the Right Time
Be sure to notify service providers, banks, and Canada Post of your new address, but don’t rush the process. A well-timed update ensures that bills and important documents aren’t lost in the transition.
7. Confirm All Arrangements Before Closing
A few days before your closing date, check in with your mortgage broker and lawyer to ensure everything is on track. Addressing potential issues early can help prevent last-minute surprises and ensure a smooth move-in experience.
By keeping these key points in mind, you’ll set yourself up for a stress-free transition to homeownership. Stay proactive, and you’ll be ready to step into your new home with confidence. Until next time my mortgage minions!