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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RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Michael Hallett • July 8, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Let’s Talk About Getting Top Dollar for Your Property

By Michael Hallett • July 1, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.