10 Don'ts Before Closing A New Mortgage

Michael Hallett • November 26, 2025

We’ve done it, your financing is approved, the lender is happy, the documents are complete, and your file is wrapped up tighter than a December parka in Whistler. At this point, we’re just waiting for the lawyer to advance the financing funds in time for closing day.


But between file complete (no more documents needed) and closing day, there’s a short window where your financial life needs to stay calm, predictable, and as drama-free as possible.


Here are The 10 Don’ts Before Closing a New Mortgage inspired by real files and shared so you can glide into closing day smoothly.


1. Don’t quit your job.

Even if you’ve been offered your dream position, higher salary and all, lenders aren’t huge fans of probationary periods. A job change must be reported, and depending on timing, it can throw a wrench into your approval.


If you’re considering any employment changes, just call me first. A two-minute conversation can save a whole lot of paperwork.


2. Don’t reduce your income.

A raise? Great. Dropping to part-time “to settle into your new home”? Not great.


Lower income changes your affordability ratios, and mortgage approvals rely on the numbers we originally used. Keep your income stable until those keys are in your hand.


3. Don’t apply for new credit.

Yes, you may be itching to pick out furniture, appliances, or that perfect oversized sectional. But financing purchases before closing can trigger credit checks and new credit can raise red flags with lenders.


So, if a salesperson says, “You can finance it today!” just smile politely and walk away.


4. Don’t close existing credit accounts.

It feels productive to clean up old credit cards, but lenders approved you with those accounts in place. Closing active credit can unintentionally drop your score or weaken your profile.


In other words: hands off your credit until after closing.


5. Don’t co-sign for anyone.

Co-signing is generous, but lenders count that entire loan as your responsibility. This can throw your affordability off and jeopardize your approval.


If someone asks you to co-sign during this period, your safest response is, “Let’s talk again after my mortgage funds.”


6. Don’t stop paying your bills.

This one especially applies during refinances. Even if we’re paying everything out at closing, continue making your regular payments until the refinance funds.


A missed payment can lower your credit score and delay or disrupt the approval. Stay consistent, your credit profile will thank you.


7. Don’t spend your closing cost savings.

That 1.5% you’ve saved for closing costs is essential. This covers legal fees and other final expenses. Without it, nothing closes.


Furniture shopping can wait a few more days, you’ll enjoy that new couch a lot more with a house to put it in.


8. Don’t change the real estate contract.

If something comes up during the inspection and you need amendments or adjustments, that’s normal, but check with me before signing anything new.


Even small changes may require lender review, and timing matters.


9. Don’t list your property for sale.

If we’re refinancing with plans to sell down the road, that’s perfectly fine but after the refinance closes.


Lenders want to see stability, not “surprise, I’m selling tomorrow.”


10. Don’t take mortgage advice from unlicensed or unqualified people.

Your neighbour, co-worker, or cousin may mean well, but every file is unique and the guidelines change constantly. One-size-fits-all advice simply doesn’t work in mortgages.


If something you hear makes you second-guess the plan, reach out. I’m the one who understands your application inside and out.


So… What Should You Do? 

From file complete to closing day: Keep working. Keep paying bills on time. Keep your finances steady and predictable.


Basically: live your normal life/status quo, avoid big financial moves, and let the process roll to the finish line.


If you ever have questions, big or small, I’m here anytime. My goal is to keep your financing smooth, your closing stress-free, and your move-in day something to celebrate, not stress about.


Feel free to reach out anytime, 604-616-2266 or michael@hallettmortgage.com

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How to Get a Mortgage for a Second Property

By Michael Hallett • February 25, 2026
Thinking About Buying a Second Property? Here’s What to Know Buying a second property is an exciting milestone—but it’s also a big financial decision that deserves thoughtful planning. Whether you're dreaming of a vacation retreat, building a rental portfolio, or looking to support a family member with a place to live, there are plenty of reasons to consider a second home. But before you jump in, it's important to understand the strategy and steps involved. Start with “Why” The best place to begin? Clarify your motivation. Ask yourself: Why do I want to buy a second property? What role will it play in my life or finances? How does this fit into my long-term goals? Whether your focus is lifestyle, income, or legacy planning, knowing your “why” will help you make smarter decisions from the start. Talk to a Mortgage Expert Early Once you’ve nailed down your goals, the next step is to sit down with an independent mortgage professional. Why? Because buying a second property isn't quite the same as buying your first. Even if you’ve qualified before, financing a second home has unique considerations—especially when it comes to down payments, debt ratios, and how lenders assess risk. How Much Do You Need for a Down Payment? Here’s where the purpose of the property really matters: Owner-occupied or family use: You may qualify with as little as 5–10% down, depending on the property and lender. Income property: Expect to put down 20–35%, especially for short-term rentals or if it won’t be occupied by you or a family member. Your down payment amount can be one of the biggest hurdles—but with strategic planning, it’s often manageable. Ways to Fund the Down Payment If you don’t have the full amount in cash, you might be able to tap into your current home’s equity to help fund the purchase. Here are a few ways to do that: ✅ Refinance your existing mortgage to access additional funds ✅ Secure a second mortgage behind your current one ✅ Open a HELOC (Home Equity Line of Credit) ✅ Use a reverse mortgage (in certain age-qualified scenarios) ✅ Take out a new mortgage if your current home is mortgage-free These options depend on your income, credit, home value, and overall financial picture—another reason why having a pro in your corner matters. Second Property Strategy: It’s More Than Just Numbers This purchase should be part of a bigger financial plan—one that balances risk and reward. It’s about: Assessing your full financial health Maximizing your existing assets Minimizing your cost of borrowing Aligning your purchase with your long-term goals Ready to Take the Next Step? There’s no one-size-fits-all answer when it comes to buying a second property. That’s why it helps to talk things through with someone who understands both the big picture and the small details. If you’re ready to explore your options and build a plan to make that second property dream a reality, let’s connect. I’d love to help you take the next step with confidence.

Is Refinancing Your Mortgage a Good Way to Consolidate Debt?

By Michael Hallett • February 18, 2026
If you're a homeowner juggling multiple debts, you're not alone. Credit cards, car loans, lines of credit—it can feel like you’re paying out in every direction with no end in sight. But what if there was a smarter way to handle it? Good news: there is. And it starts with your home. Use the Equity You’ve Built to Lighten the Load Every mortgage payment you make, every bit your home appreciates—you're building equity. And that equity can be a powerful financial tool. Instead of letting high-interest debts drain your income, you can leverage your home’s equity to combine and simplify what you owe into one manageable, lower-interest payment. What Does That Look Like? This strategy is called debt consolidation , and there are a few ways to do it: Refinance your existing mortgage Access a Home Equity Line of Credit (HELOC) Take out a second mortgage Each option has its own pros and cons, and the right one depends on your situation. That’s where I come in—we’ll look at the numbers together and choose the best path forward. What Can You Consolidate? You can roll most types of consumer debt into your mortgage, including: Credit cards Personal loans Payday loans Car loans Unsecured lines of credit Student loans These types of debts often come with sky-high interest rates. When you consolidate them into a mortgage—secured by your home—you can typically access much lower rates, freeing up cash flow and reducing financial stress. Why This Works Debt consolidation through your mortgage offers: Lower interest rates (often significantly lower than credit cards or payday loans) One simple monthly payment Potential for faster repayment Improved cash flow And if your mortgage allows prepayment privileges—like lump-sum payments or increased monthly payments—those features can help you pay everything off even faster. Smart Strategy, Not Just a Quick Fix This isn’t just about lowering your monthly bills (although that’s a major perk). It’s about restructuring your finances in a way that’s sustainable, efficient, and empowering. Instead of feeling like you're constantly catching up, you can create a plan to move forward with confidence—and even start saving again. Here’s What the Process Looks Like: Review your current debts and cash flow Assess how much equity you’ve built in your home Explore consolidation options that fit your goals Create a personalized plan to streamline your payments and reduce overall costs Ready to Regain Control? If your debts are holding you back and you're ready to use the equity you've worked hard to build, let's talk. There’s no pressure—just a practical conversation about your options and how to move toward a more flexible, debt-free future. Reach out today. I’m here to help you make the most of what you already have.