What Not To Do After Your Mortgage Is Approved/Pre-Approved

After your mortgage is approved there are things that borrowers must not do to keep their mortgage approval in place

The following is a list of what not to do after receiving your pre-approval and/or your final approval.

Income & Employment Changes:

• Do not resign from your job or change employers.
• If you are on probation – Let us know.
• Do not reduce your income level.
• Do not change the status of your employment from full-time to part-time.
• If maternity or paternity leave is in your future, please let us know.
• Let us know if you are on short-term or long-term disability.
• Please let us know of any changes to your Canada Child Benefit (CCB).

Down Payment & Closing Costs:

• Do not spend your down payment on other things.
• Ensure you have enough money for your closing costs as estimated by us.
• Try to not let any investments decrease in value – transfer to cash.
• Ensure your RRSP is eligible for withdrawal and that it has been in the account for 90 days.
• Do NOT go on vacation until after the possession or closing date.

Your Credit Score & Credit Bureau:

• Do not increase your debt load unless we have talked about it.
• Do not buy any big ticket items like a new vehicle, furniture or appliances unless we have talked about it.
• Do not apply for new credit cards, store credit cards, loans or lines of credit.
• Do not co-sign for anyone.
• Do not open a “don’t pay for a year” credit card or account.
• Do not miss any credit card, loan or line of credit payments.
• Do not lease a new car.

Your Offer To Purchase:

• Depending on your closing dates (from the house you’re selling and the house you’re buying), you may need Bridge Financing.
• Do not agree to change your closing date without asking us first.
• Do not wait until the last minute to arrange your homeowners insurance.
• Do not accept any life insurance or disability insurance without talking to us first.
• Do not ignore any telephone calls from us!