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!

contact form (1)

  • Contact Information

  • About You (optional)