While you may have a mortgage approval, your mortgage doesn’t actually fund until the day you close on your new home. During that period of time, keep the following tips in mind to ensure a smooth closing.

1. Be careful about taking on additional credit, i.e., new credit cards or “Don’t pay for one year” incentives.

2. Keep your bills up to date including any mortgages you may have.

3. Keep your down payment for your down payment and plan for your closing costs, such as land transfer tax, appraisal fees, legal fees, and property tax adjustments, so you won’t be caught by surprise.

4. Keep an eye on your investments, especially if you are using them as your down payment.

5. Try not to pack any important documents relating to your mortgage/home purchase.

6. If at all possible, just before funding is not a good time to quit your job, move to part time or reduce your income.

7. Tell your mortgage agent if there has been a decision to change the closing date.

8. Ensure all paperwork is in a minimum of 10 days prior to closing.

9. Get fire insurance in place and investigate life insurance options.

10. Respond promptly to all those involved in your home and mortgage transaction.

Happy Closing!

Courtesy of Sandra Tisiot, AMP – DLC Smart Debt