Everyone wants to get into their new home as quickly as possible however dates can be very important especially with quick possessions.
- Avoid Fridays and weekends for possession dates
- Avoid weekends for condition dates
Many lawyer offices as well as new home builders close early on Fridays therefore any delays with funding or registration can experience further delays with a shorter work day. With contracts that have a possession on a non-business day, lenders may require an amendment to the contract for those dates that fall on a weekend or stat holiday which can cause additional delays in the approval process as well as inconvenience to your buyers and sellers.
DO’s AND DON’Ts
The “DO’s” & “DO NOT’s” During the Mortgage Process
- Do NOT change jobs, become self-employed, or quit your job.
- Do NOT buy a vehicle
- Do NOT apply for a new credit card or line of credit
- Do NOT co-sign a loan for anyone
- Do NOT use credit cards excessively or let current accounts fall behind or become overdrawn
- Do NOT spend money that you have set aside for closing
- Do NOT furnish your new home before you move into it
- Do NOT change bank accounts or move money without a paper trail
- DO advise your mortgage planner if any information you have already provided has changed (ie. Address, job, salary, or anything for the mortgage process)
- DO keep your records of all bank transactions, especially if you transfer large amounts from one account to another
- DO get homeowners insurance with coverage equal to the mortgage amount or replacement value of your home
- DO talk to your mortgage planner if you have any questions or concerns about your mortgage.