Mortgage Blog

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The 10 Mortgage Closing Rules

November 22, 2019 | Posted by: Ask Ana Cruz

Buying a new home can be a very exciting time in your life. 

It can also be a time where a lot happens in a short amount of time and so it’s important not to forget the 10 Mortgage Closing Rules. 

1. You shall not change jobs, become self-employed or quit your job between approval and closing

2. You shall not buy a new car, truck, van, SUV. If you do, you may have to consider this your new home.

3. You shall not use credit cards excessively or let current accounts fall behind, including a current mortgage if that applies to you.

4. You shall not spend money that you have set aside for down payment and closing costs. Keep it save and set aside. 

5. You shall not buy furniture on a ‘don’t pay for a year’ program - that’s considered new debt

6. You shall not take on new credit 

7. You shall not make large deposits into your bank that you can not explain or track 

8. You shall not pack important documents relating to your mortgage financing away when moving.

9. You shall not co-sign a loan for anyone. Not even your mom!

10. You shall not change your closing date without notifying your mortgage broker.

These are not meant to be guidelines, these are hard and fast rules.

If you have any questions, please call us at 905.870.0513 

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