6 steps to ensuring a smooth transaction

Making sure you find the right fit for you and your family is a big decision and as such, shouldn't be rushed, if it can be avoided.  To help you have a smooth transaction, without any unnecessary delays, keep these 6 tips in mind:

  • Go through your credit report BEFORE applying for a mortgage.  Ensure that there are no errors or omissions that may affect your credit score.
  • Avoid making significant changes (for example: changing jobs, or making large purchases) since lenders will take a look at everything you do up to closing.
  • Ensure accuracy with your loan application.  Delays often occur when forms are incomplete, paperwork is missing, and even spelling mistakes can delay the process.
  • Be readily available!  Your mortgage broker and REALTOR® may need to get ahold of you in the event that a last-minute request for paperwork is needed.
  • Appease ALL conditions that your mortgage loan requires from you as soon as possible.  For example, some lenders require proof of home insurance on the property you are purchasing before they approve you.
  • Lastly, have the necessary funds available at least a few days before the closing date.  Funds need to be accessible when you see your lawyer or notary since this is the time you will be not only paying for their fees, but also any Property Transfer Tax, remaining city taxes for the year, pro-rated monthly maintenance fees (if you're purchasing a condo) just to mention a few.