Harpreet’s perspective
Real questions. Real properties. Real numbers.
You found the house. The offer is accepted. Everyone is excited. Your Realtor sends you the contract and somewhere inside it is a financing-condition date. It doesn't look particularly exciting. Trust me. It is.
Before you remove that condition, I want the mortgage file to be as solid as reasonably possible based on the information available. Because ‘I have a pre-approval’ and ‘this specific property and mortgage have been reviewed and approved subject to the lender's conditions’ are not necessarily the same thing.
The Property Matters Too
People naturally think mortgage approval is all about them: income, credit, down payment, debts. Those things matter. But we're also financing a property. The lender may need to be comfortable with the property, valuation and other applicable requirements.
That's why I keep saying: SEND ME THE LISTING. If you're seriously considering writing an offer, I want to know. I would much rather start looking at the financing early than receive a message at 9:42 p.m. saying, ‘Harpreet, condition is tomorrow. We should be good, right?’ That's not my favourite bedtime story.
Don't Remove Conditions Just Because Everyone Is Excited
Real estate moves quickly. Sometimes buyers feel pressure because there are multiple offers or the seller wants conditions removed. But financing is a major commitment.
I want us to understand where the mortgage stands, what conditions remain and whether anything important is outstanding. There can still be lender conditions involving income, down payment, property valuation, documents or other requirements.
Let Me Be Boring for a Few Days
My job isn't to make you nervous. It's to make sure we're asking the uncomfortable questions before you become legally committed. A financing condition may look like one small paragraph in a contract. But sometimes that small paragraph is protecting a very large cheque.
Get excited about the house. Just let me be boring about the mortgage for a few days.