What Not to Do After You’re Pre-Approved for a Mortgage
Once you’re pre-approved, your job is to keep your financial profile stable until final approval and funding. Even small changes can impact your approval or cancel it altogether.
Here’s what you need to know to stay mortgage-ready all the way to possession.
Income and Employment Changes
Lenders assess your application based on your current income and job status. Here’s what not to do:
- Do not quit your job or change employers.
- Do not shift from full-time to part-time.
- Do not take unpaid leave or reduce your hours.
If maternity or paternity leave is in your plans, or if you’re currently on short- or long-term disability, let us know right away. The same goes for any changes to your Canada Child Benefit (CCB).
Down Payment and Closing Costs
Every dollar of your down payment must be verified by the lender. That means:
- Do not spend any portion of your down payment.
- Do not keep it in investments that could decrease in value — cash is safest.
- Make sure RRSP funds have been in the account for at least 90 days before withdrawal.
Unexpected changes in your down payment can delay or void your approval.
Your Credit Score and Credit Bureau
Your credit must remain consistent. A quick credit check before final approval could reveal issues. Be sure to:
- Avoid applying for new credit cards, loans, or lines of credit.
- Avoid “no payments for a year” offers — these still show up as debt.
- Avoid co-signing for anyone else’s loan.
- Never miss a payment on any existing credit.
- Do not lease or finance a new vehicle.
Even a small drop in your credit score can affect your rate or loan approval.
Making an Offer to Purchase
Once you're ready to make an offer:
- Always include a financing condition. This protects you while we finalize your approval.
- Let us know as soon as your offer is accepted. That allows us to coordinate with your realtor, lawyer, and insurer and keep everything on track.
- Share your realtor’s contact info if we don’t already have it.
