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3. Missing payments:

Continue to pay all your bills on time. Late payments on existing debts can harm your credit score and may jeopardize your pre-approval status.

4. Co-signing for someone else:

Co-signing for a new loan or credit line can increase your financial liability, affecting your debt-to-income ratio. It’s best to avoid this until after you’ve closed on your mortgage.

5. Making large cash deposits:

Large or undocumented cash deposits into your bank accounts can raise red flags for lenders. Maintain clear records of the source of any large deposits to avoid complications.

9. Skipping required documentation:

Lenders may ask for additional documentation throughout the mortgage process. Failing to provide requested documents promptly can delay or jeopardize your approval.  Make sure you are diligent and on time with any documentation requests from your lender.

10. Ignoring interest rate changes:

Interest rates can fluctuate between pre-approval and closing. Your REALTOR® should be up-to-date with when rate announcements are expected from the Bank of Canada.  Stay informed about interest rate changes and discuss your options with your lender if rates move significantly.

11. Not communicating with your lender:

Maintain open and consistent communication with your lender. If any significant changes occur, inform your lender promptly to address potential issues.

12. Skipping a final credit check:

Some lenders may perform a final credit check just before closing to ensure your financial situation hasn’t changed significantly. This is generally when these problems are discovered by lenders, and the status of your mortgage approval is put in jeopardy.  Make sure you’re ready for this final credit check!

*All information provided by the Brantford Regional Real Estate Association (BRREA) and ITSO for the highest number of completed transactions since January 1, 2015. All Brantford MLS® House Listings come from the various systems operated by Real Estate Boards and Associations across Canada. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used underlicense. The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.



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