What Not To Do Before Your Completion Date

Today we're going to talk about what not to do when you've bought a new home, and you are waiting for the completion date.

When you buy a property, you have a two week period where you remove your financing conditions. This is the time when the mortgage broker gets your mortgage approved and you do your due diligence with the property. At the end of that period, once clients have paid their deposit, the mortgage is fully approved and they're good to go. Clients often think that they can then make changes, or that they don't have to worry about anything else until completion, and that is not the case.

It is incredibly important that everything remains exactly the same as it was up until the completion date of your new property, which is often a couple of months after the subject to removal period has passed.

So what do I mean by this? Don't go quitting your job, getting a new job or taking out new credit. A lot of people, when they've bought a new property, are going to buy new furniture or new appliances for the property and think they would like to put it on credit so that they save interest for a year. These things are absolutely not okay to do without discussing with your mortgage broker first, as they can impact your qualification for your mortgage prior to actually getting the mortgage… and the lender can cancel it if there are material changes. So be very cautious with these things. If you've purchased a new home, make sure you consult with your mortgage broker prior to doing any of these things up until the completion date.

If you have any further questions, our team is always here to help.

Have a beautiful day.