09/25/2026
Today's tip is connected to yesterday's post. Always make sure that you understand the timelines regarding your mortgage documents and funding.
There are certain larger lenders/brick and mortar banks that we can more easily rely upon getting us the monies problem free and on time, even if we end up having to sign the documents last minute or a couple of days before.
However, there are some bigger lenders and many smaller lenders who although wonderful to work with overall, and get you a great product/rate, etc, do require much more time, work, and effort on your lawyer's end. Not only do they have a lot to sign and prepare, but they expect the documents several days in advance of the closing, and can take some time once they have them to actually fund - even worse, they can force the lawyer to go and get the monies from the bank versus depositing it into the bank account, which presents its own set of headaches.
This means hounding your broker to make sure that they put the pressure on your lender to send the documents to your lawyer on time. It also is important that you make sure you give your broker everything that they need in a timely fashion so that that doesn't delay the process, and your lawyer too, will also need to be on his on her game to ensure that the mortgage documents are received and worked on as quick as possible. Normally though, the lawyer is at the mercy of the lender, when the documents arrive and the availability of staff/the lawyer himself to work on the documents, and potentially have to drop everything to work on them, which can result in increased costs to you.
Ultimately, all you can do as a client is give everything to your broker that they need as quick as possible, and ensure that they understand the urgency of everything. Always feel free to ask your lawyer if he or she has the mortgage documents, but a competent one will be on the ball and be asking you and your broker for the whereabouts of the documents.
You want to ensure that your deal doesn't fund late, and you have to pay interest or worse yet, lose your commitment expiry, if your broker can't get an extension and it ends the same day/shortly after the possession date.
As always, if you have any questions, let me know.
Cheers, and happy hunting!
