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Strategy
The lawyer needs the purchase documents, lender instructions, identification, insurance evidence and cleared client funds in time to complete the legal closing. Mortgage approval alone does not deliver the keys.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Plan for the lender to lend against the lower acceptable value, not automatically the purchase price. Before making the offer firm, understand the cash shortfall, reconsideration evidence, lender alternatives and the legal deadline.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Avoid unnecessary job changes, new credit, financed purchases, missed payments and unexplained money movements between approval and closing. If a change is unavoidable, tell Rajiv before acting so the effect can be tested.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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No mortgage is guaranteed merely because the file is described as complete. “Lender-complete” should mean the stated lender conditions have been satisfied, but funding can still depend on no material changes, lawyer instructions, insurance, property matters and final lender controls.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Treat them as three connected deadlines. The offer deposit is usually due under the purchase agreement, the lender needs an acceptable down-payment trail during underwriting, and the lawyer needs cleared closing funds before completion.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Yes. Borrower approval and property approval are separate. A lender or insurer may question value, condition, location, legal use, marketability, condo information or property type even when the buyer’s income and credit are strong.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Use the condition period to obtain and review the live lender decision instead of merely resending the pre-approval. The borrower, property, appraisal, insurer and outstanding documents may all need attention before the condition is waived.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Send the listing, proposed price, taxes, condo fees, intended use, offer deadline and closing date before the offer becomes firm. A borrower pre-approval cannot confirm an unseen property.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Know the comfortable payment, tested price range, available cash and unresolved approval risks before viewing. A calculator or quick pre-qualification is not enough when an attractive property creates pressure to offer.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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Yes. Ontario’s land-transfer-tax refund has spouse-related rules, so “I personally never owned” is not always enough. The maximum refund is $4,000 for qualifying transactions, but the lawyer should confirm eligibility before it is included in cash-to-close estimates.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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