How to Have a Stress Free Closing Day

While you may have a mortgage approval, your mortgage doesn't actually fund until the day it closes. During that period of time, keep the following tips in mind to ensure everything goes smoothly and according to plan.

1. Be careful about taking on additional credit (i.e. new credit cards, "don't pay for one year" incentives, or to co-sign other loans or mortgages). Also, keep your bills up to date including your current mortgage.
2. Keep your down payment for your down payment and remember to have the proof that is required.
3. Keep an eye on your investments needed to close the deal. You don't want them to fall below the amount you need.
4. Try not to pack any important documents relating to your mortgage transaction and your home.
5. If at all possible, just before funding is not a good time to quit your job, move to part time, or reduce your income amount.
6. Tell your mortgage broker if you are on probation at work, are going on maternity/paternity leave, or on short or long term disability.
7. Don't change your closing date without telling your mortgage broker and remember to complete all conditions of your mortgage approval at least 10 days before closing.
8. Get your fire insurance in place and investigate life insurance options.
9. Respond promptly to all those involved in your home and mortgage transaction.
10. Plan for your closing costs, such as land transfer tax, appraisal fee, legal fees, utility hook ups, property tax and interest adjustments, so you won't be caught by surprise.

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