What Not To Do After Your Mortgage Is Approved/Pre-Approved
Even If Your Mortgage Has Been Final Approved. It Is Still Possible To Have The Approval Rescinded. Here’s What NOT To Do
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!