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Have you just purchased a residential property?
If your agreement is conditional on financing immediately attend at the
bank or financial institution that will be giving you your mortgage to
formally apply and receive written approval.
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Find out in advance what amounts will be deducted from
the mortgage.
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Do not rely on a pre-approval of mortgage that
you may have obtained months ago.
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Remember your pre-approval is still subject to many
conditions, like your lender being satisfied with the value of the
property you have purchased and your ability to establish your income etc.
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You must also consider and be aware of mortgage
insurance, which you will pay the lender if you have a total down payment
of less than 25%.
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It is wise to advise all utility companies of the name
and address of the party responsible for the payment of accounts after the
date of completion.
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You must obtain prior to closing a fire
insurance policy which sets out your lenders legal name and address.
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If you live in rented premises you must consider
the applicable notice periods a landlord is entitled to under the
applicable legislation.
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Contact a reputable moving company, one that
friends and family have used.
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Make arrangements for telephone and cable companies to
attend.
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Ensure that you will have access to your funds on
closing
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Many internet banks or supermarket banks cannot provide
certified cheques on one days notice.
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Many banks offer mortgage life insurance. If the
product simply pays off the balance of the mortgage at the time of death,
then i would advise you to obtain life insurance from an insurance broker
instead, as a policy of life insurance will pay on the full amount of the
insurance purchased, as opposed to the balance of your mortgage at the
time of death. |