Congratulations you have just been approved for a mortgage on the new home that you are buying. You went through all the steps with your banker or broker and now all you can do is wait till you pick up your keys on the closing day in a few weeks.
You may think that just because the bank signed off on all the conditions that you are free to do what ever you want and that there would be no repercussions effecting your purchase. Sadly this is not the case. The lenders continue to work on your file behind the scenes up until your closing date.
Any material change that you make from the date you received word that all your conditions were met until the closing date may in-fact effect your ability to close the transaction.
Here are a list of 10 things in no particular order of what NOT to do prior to closing on your new home.
- Don’t quit your job.
- Don’t suddenly become self employed
- Don’t commit a crime or get arrested
- Don’t finance your furniture
- Don’t finance a new vehicle
- Don’t get divorced
- Don’t go on a spending spree on your credit cards
- Don’t close any credit accounts
- Don’s apply for new credit
- Don’t increase the limits on existing cards
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).