What Can Completely Derail Your Mortgage (and How to Avoid It in Alberta)

Everything was going perfectly—your approval came through, the rate’s locked, your realtor high-fived you, and you even picked out your moving boxes. And then… no keys on possession day.

Why? Because no one told the mortgage team that you were going to be out of town the week before closing—and your lawyer couldn’t finalize the paperwork without you.

This isn’t rare. It’s real. We’ve seen it happen to clients in Calgary, Red Deer, Edmonton—you name it. And it’s exactly why we built Spire Mortgage Team to guide Albertans through every part of the process, especially the final 10%.

Renee Huse, founder of Spire Mortgage Team in Alberta has helped hundreds of homeowners avoid last-minute stress by knowing exactly what can go wrong—and planning around it.

Table of Contents

• The 3 Mortgage Pitfalls That Catch People Off Guard
• What Happens Behind the Scenes (And Why It Matters)
• Alberta’s Unique Mortgage Closing Timeline
• A Simple Timeline to Stay on Track
• Final Words (From Your Alberta Mortgage Team)

The 3 Mortgage Pitfalls That Catch People Off Guard

1. You’re Out of Town the Week Before Possession

You might assume everything’s automated once your mortgage is approved—but in Alberta, you still need to sign documents in person (or arrange legal representation) with your lawyer in the week leading up to closing.

Case in Point: A Red Deer couple heading to Kelowna for a wedding thought they’d just sign “when they got back.” We caught the gap just in time, helped them set up a power of attorney, and they avoided a massive delay.

How to Avoid It: Let us know your travel plans well in advance. If you’re going to be away, we’ll help you arrange a power of attorney through your lawyer.

2. You Delay or Misplace a Critical Document

The final week is paperwork-heavy—but it’s not busywork. We need your ID, insurance binder, void cheque, and often updated income info. Most lenders fund the morning of possession day—there’s no room for delay.

What We’ve Seen: A client in Lethbridge sent in their insurance the night before—but their email bounced. No one saw it in time. The keys were delayed until the next day.

How to Avoid It: Send everything at least one week before closing. We’ll review everything with your lawyer.

3. You Change Jobs or Add Debt Last-Minute

Most lenders re-check your credit and employment just before they release funds. A job change, new car loan, or co-signing for someone can delay or even cancel your mortgage.

Real-Life Example: An Airdrie client switched to a higher-paying job. But the new position had a probation period, and the lender refused to fund. We had to pivot to a different lender.

How to Avoid It: Don’t make changes until after you move in. If something’s coming up, call us first—we’ll help you plan.

What Happens Behind the Scenes (And Why It Matters)

Here’s what happens during that final week before you get your keys:

• Your lawyer receives instructions from the lender
• You sign the mortgage documents
• The lender may re-check credit and income
• Your lawyer requests mortgage funds
• Lender releases funds to your lawyer
• Your lawyer pays the seller’s lawyer
• You get your keys—if everything goes smoothly

Any missing step can delay the entire process.

Alberta’s Unique Mortgage Closing Timeline

In Alberta, possession usually happens at noon on closing day—not midnight. And funds often aren’t released until the same morning.

If your documents aren’t signed or complete the week before, there’s no grace period. And during long weekends or holidays, closings can get pushed even further.

A Simple Timeline to Stay on Track

30 Days Out: Double-check ID, notify us of any travel, review insurance quotes.

2 Weeks Out: Send your insurance binder to your lawyer, update pay stubs or bank info, book your signing appointment.

1 Week Out: Sign documents with your lawyer. Don’t take on new credit or big purchases.

Day Before: We’ll confirm when funds are released. Sit tight and get ready for keys!

Final Words (From Your Alberta Mortgage Team)

The final week is when deals fall apart—not because of the big things, but the little ones: missed signings, delayed documents, unexpected credit changes.

We help Alberta clients plan around all of this—so you don’t miss your keys, your closing, or your chance to move in stress-free.

Give us a call or fill out an application at this link: https://spiremortgage.ca/apply-now and our team will get in touch with you to start building a plan that suits you.

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Written by the Spire Mortgage Team, Alberta’s strategic mortgage planning experts.
Learn more: https://spiremortgage.ca