Renewal or refinance time—congrats on making moves! Now that your mortgage is officially approved, what’s the next chapter? Cue the post-approval reality check and let’s get down to business: there’s still some legwork ahead. But hey, it’s all good—we’ve got your back with a slick checklist to keep things smooth sailing. Dive into our guide and discover exactly what’s on deck after that final approval ping. And hey, if any questions pop up, our crew is all ears and ready to steer you right. Think of us as your mortgage mavens, here to make this journey as fun as it is rewarding. So, let’s keep the momentum going—keep scrolling to stay in the know!
Heads up: getting the green light isn’t the end game. Until you’ve checked off every box below (and the new mortgage funds are confirmed), there might still be a few hoops to jump through. Your lender might give your application one last once-over, ensuring all your documents are shipshape for quality control. They might also peek at your credit report and give your employment a final verification. So, keep your employment and income steady and resist the urge to splurge on new purchases or apply for more credit until this is all squared away. It’s rare, but knowing this upfront keeps any unexpected surprises at bay.
Let’s jump right in:
- Review: Take a moment to review the final mortgage commitment details we’ve sent over. Make sure everything lines up accurately with your transaction. That means double-checking the property address, mortgage amount, interest rate, and projected closing date. Sometimes, these details might have shifted during the approval process, but if you haven’t received written confirmation, they might not be properly recorded. If any adjustments are necessary, give us a heads-up so we can update your lender before they whip up the documents for your lawyer or the closing agent.
- Mortgage Protection Insurance: Your new home isn’t just a house; it’s where life’s precious moments unfold. That’s why it’s crucial to safeguard you and your loved ones with our Manulife Mortgage Protection Plan. If you have not done so already, you’ll need to confirm your coverage choice before your closing day. While coverage is options completing this important step is a mandatory requirement for all licensed brokerages. Please let us know if you need us to send you the info again so you can review the form and sign-off on your coverage.
- Legal Matters: Time to dot those i’s and cross those t’s! Your lender is gearing up to prepare the necessary documents and send them off to your lawyer or closing agent for your final signing session. Now, here’s where it gets interesting: While most cases bypass the need for a lawyer with your new mortgage, let us introduce you to two alternative firms that lenders also use: First Canadian Title (FCT) and Fidelity National Financial (FNF Canada). These stellar companies partner with your lender to streamline the paperwork for your new mortgage, ensuring a seamless and efficient transaction at what is most often less expensive that using a law office. They will facilitate document signings to take place in your home or other convenient location, at a time convenient for you, seven days a week. Awesome, right? Here’s the lowdown on what to expect:
- FCT/FNF Canada swings into action, prepping all the mortgage documents per your lender’s instructions. They can also manage most title issues directly with you, should any come up, to alleviate delays.
- Once they’ve got the payout statement from your current bank/lender, they’ll whip up a document package and an FCT/FNF Canada signing agent will reach out to schedule an appointment for you to sign the papers. Please feel free to take this opportunity to ask questions you may have about their role in the process. ***Keep in mind, it may take a few days for your current lender to respond and provide the payout statement, so patience is key. *** Note: Your scheduled closing date might shift slightly to accommodate this process.
- During the signing, the agent’s role is simply to witness the signatures and jot down your ID details. They won’t be delving into mortgage terms, but if you’ve got questions, hit us up before the appointment to avoid any hiccups in your closing timeline.
- You’ll need a couple of IDs that match your mortgage approval and title, plus any necessary payments like certified cheques or bank drafts for closing costs. Unsure about the financial nitty-gritty? Your meeting with the representative will be when you will have an opportunity to review all the documents before signing. Need even more help? Drop us a line for clarification.
- Once all the ink is dry, FCT/FNF Canada takes the reins, liaising directly with your new lender to seal the deal. Funds hit the account on the closing date, and voilà—mission accomplished!
- Homeowner’s Insurance: Before the funding day, both your lender and FCT/FNF Canada will want to see confirmation of homeowner’s insurance to kick things off smoothly. Remember, homeowner’s insurance is different from mortgage insurance—it’s all about safeguarding your property from the unexpected. Your current policy may need a tweak to align with your new lender’s info, so double-check the coverage details and ensure everything’s in order for a seamless transition. Make sure your policy covers at least the full replacement value of your home, and that it lists your new lender as the loss payee. Also, ensure it includes the mortgage clause from the Insurance Bureau of Canada. A provision included in a property insurance policy that protects a lender with interest in the property (mortgagee) from loss or damage to the property. Under a mortgagee clause, any payments made by the insurance company under the mortgagor’s (borrower’s) property insurance policy would be paid to the mortgagee.
- Property Taxes: Whether lender-paid or borrower-paid, property taxes are an unavoidable part of homeownership. Confirm your tax setup and payment plan to avoid any surprises down the line.
- Edmonton Property Tax Plan
- Sherwood Park /Strathcona County
- Leduc
- Beaumont
- Spruce Grove
- Stony Plain
- If you municipality is not listed here and you need help, just let us know.
Now, onto the main event: closing day unveiled. Here’s the scoop: Your mortgage journey hits the home stretch when the lender gives the thumbs-up and funds your loan. This means they’ve combed through all the paperwork you signed, made sure everything’s still on track since the last check, and that all the info adds up. If you’re switching lenders, there’s a bit more paperwork to shuffle—your property’s title needs a refresh. On the big day, your lender coughs up the cash to settle your tab with the old lender and officially stamps your name on the ownership papers (with the new lender as the official sidekick). This paperwork dance formally shifts ownership from the old lender to the new one. Once that’s all squared away, you can kick back and breathe easy. It’s time to savor the perks of your shiny new mortgage—whether that’s a better rate, faster mortgage payoffs, more cash in your pocket, or whatever other sweet deals you’ve scored!
With our expertise by your side, navigating the path to homeownership financing is a breeze. So, pause, take it all in, and let’s turn this new mortgage adventure into an unforgettable journey.
