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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MICHAEL HALLETT
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How to Legally Assign a Construction Mortgage

By Michael Hallett • October 7, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.

What to Expect in the Closing Process: A Step-by-Step Guide

By Michael Hallett • September 30, 2026
You’ve found the right home, your offer’s been accepted, and your financing is approved—congratulations! But before you can pick up the keys and celebrate, there’s one more important stage: the closing process. Closing is the final step in your homebuying journey, where all the paperwork, legal details, and financial transactions come together. It can feel overwhelming if you don’t know what to expect, but with the right preparation, closing can be smooth and stress-free. Here’s a step-by-step guide to help you understand the process. Step 1: Hire a Lawyer or Notary A real estate lawyer (or notary, depending on your province) handles the legal side of closing. They will: Review the purchase agreement and mortgage documents Conduct a title search to confirm the seller has the legal right to sell the property Ensure the mortgage lender is properly registered on the title Handle the transfer of funds between you, the lender, and the seller Your lawyer or notary will be your main point of contact during closing, so choose one you trust and who communicates clearly. Step 2: Finalize Your Mortgage Your lender will send the mortgage instructions directly to your lawyer or notary. At this stage: You’ll provide proof of property insurance (lenders require this before releasing funds) You’ll confirm your down payment and closing costs are available in your lawyer’s trust account The lawyer will prepare all documents for your review and signature Step 3: Pay Closing Costs Closing costs typically range from 1.5% to 4% of the purchase price. These can include: Legal fees Title insurance Land transfer tax (where applicable) Adjustments for property taxes or utilities prepaid by the seller Home inspection or appraisal fees (if not already paid) Your lawyer will provide a final statement of adjustments so you know exactly how much is due on closing day. Step 4: Sign the Paperwork A few days before closing, you’ll meet with your lawyer or notary to sign all the necessary documents, including: Mortgage agreement Title transfer Insurance confirmations Statement of adjustments Bring valid government-issued ID to this appointment. Step 5: Transfer of Funds On the day of closing: Your lender sends the mortgage funds to your lawyer Your lawyer combines these funds with your down payment and pays the seller Legal ownership of the property is transferred into your name The lender is registered on title as a secured creditor Step 6: Get the Keys! Once the paperwork is filed and the funds have cleared, your lawyer will confirm that the transaction is complete. You’ll then get the keys to your new home—officially making it yours. The Bottom Line The closing process is a series of important steps, but with the right team in place, it doesn’t have to be stressful. By working closely with your mortgage professional and lawyer, you’ll have guidance every step of the way—from signing the documents to turning the key in the front door. If you’d like help preparing for the closing process—or want a clear breakdown of your own closing costs— connect with us today.