Closing Day Success: Your Final Mortgage Checklist

The final week before your mortgage closes is a whirlwind of activity, and staying organized is the best way to ensure everything goes off without a hitch. You will be meeting with your lawyer to sign the final loan documents and provide the remaining balance of your down payment via a bank draft. It is crucial that you do not make any large purchases, like furniture or a car, on credit during this final window. Lenders often perform a last-minute credit check before funding the loan, and a new debt could potentially jeopardize your entire approval. Keep your finances exactly as they were when you received your final commitment to avoid any last-minute surprises.

Ensure you have obtained a home insurance policy that starts on your closing date, as your lawyer will need proof of insurance to satisfy the lender's requirements. The policy must list the mortgage lender as the loss payee, and the coverage amount must be at least equal to the replacement value of the home. This is a common delay in the closing process, so getting your insurance quotes early is a smart move. You should also contact the utility providers in your new city, whether it is Brampton, Toronto, or London, to set up your accounts for hydro, water, and gas. Having these services active when you move in makes for a much more pleasant first night in your new home.

On the actual day of closing, the funds will be transferred from your lender to your lawyer, and then to the seller's lawyer. Once the deed is registered with the land registry office, you will receive a call from your lawyer to pick up the keys. This process can sometimes take until late in the afternoon, so I suggest not scheduling your moving truck for 8:00 AM on closing day if possible. Having a bit of a buffer will reduce your stress if there are minor delays in the banking system. Congratulations, you are now a homeowner, and the focus shifts to maintaining your property and staying on track with your mortgage payments.

Review your first mortgage payment date and amount to ensure your bank account is prepared for the withdrawal. Most lenders will take the first payment exactly one month after closing, or on the next scheduled date if you chose bi-weekly or weekly payments. I will follow up with you a few weeks after closing to see how you are settling in and to answer any new questions you might have. My role as your broker doesn't end when you get the keys; I am here to support you throughout your entire homeownership journey. Enjoy your new home and reach out anytime you need professional mortgage advice or a market update.