Important Dates

Karen Pacheco |

mortgage broker Edmonton AB

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.


The “DO’s” & “DO NOT’s” During the Mortgage Process

  1. Do NOT change jobs, become self-employed, or quit your job.
  2. Do NOT buy a vehicle
  3. Do NOT apply for a new credit card or line of credit
  4. Do NOT co-sign a loan for anyone
  5. Do NOT use credit cards excessively or let current accounts fall behind or become overdrawn
  6. Do NOT spend money that you have set aside for closing
  7. Do NOT furnish your new home before you move into it
  8. Do NOT change bank accounts or move money without a paper trail
  9. DO advise your mortgage planner if any information you have already provided has changed (ie. Address, job, salary, or anything for the mortgage process)
  10. DO keep your records of all bank transactions, especially if you transfer large amounts from one account to another
  11. DO get homeowners insurance with coverage equal to the mortgage amount or replacement value of your home
  12. DO talk to your mortgage planner if you have any questions or concerns about your mortgage.