I'm sure we have all heard the time honoured phrase, "don't put off until tomorrow what you can do today"? Well let me tell you the last week has really brought this message home! I won't go into details, but I can tell you the moral of my story is.....Please do not procrastinate in getting all your financial documentation to your lender or mortgage broker.
Most offers to purchase real estate are conditional on financing. Even if you have been "pre-approved" up to a certain dollar value, the lender will either grant or deny the financing based on the appraised value of the specific property you have written the offer for. If financing is approved, we can waive the condition and the deal becomes firm. The important point to remember is that between the date of waiving financing and the Closing Date, the lender will request certain documents from you to confirm your financial standing. One example would be having to provide copies of the last two years of your Notice of Assessment from Revenue Canada.
Please submit your documents to your lender or mtg. broker as soon as you can! If the lender does not have the necessary time to review your file, your closing could be delayed or even worse.... the mortgage could be denied and this could cost you a lot of extra stress and money! Especially in this economic climate, the lenders are very careful to check all your documents and may even ask for further information if necessary. You need to make sure there will be ample time before the closing date to fulfill all your obligations.
