OCEAN PACIFIC MORTGAGE

Before You Begin | Choose the Right Loan for You
Picking Rates, Points and APR |Getting Pre-Approved
| Closing Your Loan | From Contract to Closing

From Contract to Closing

Working through the mortgage process doesn't have to be stressful. Simply follow use
this checklist to guide you in your preparations. Use it in combination with
the background information on this site and the guidance your loan officer provides,
and you should feel knowledgeable and comfortable.

• Choose a lawyer or notary (if not already done) and arrange for the
  signed purchase offer to be delivered to him as soon as possible. Review
  the fees and disbursements, anticipated adjustments, property transfer tax, mortgage deductions
  and other closing costs. Talk to your attorney about how you plan
  to be registered on title.
  
  
• Satisfy any outstanding conditions, such as financing or a home inspection, within
  the time frame set by the offer. Be sure you fully understand how
  to keep the contract alive, and how to cancel it if the conditions can't be satisfied.
  
  
• Once your mortgage application has been approved, have the mortgage commitment
  sent to your attorney.
  
  
• Any tenants must either cancel their leases or sublease their current premises,
  if permitted. How much prior written notice is needed will vary, so
  check it out with your lawyer.
  
  
• Arrange insurance coverage to take effect on closing. Be sure the insurance agent
  provides your lawyer with written confirmation before closing, showing the name of the
  insuring company, the amount of coverage, its expiration date and the name of
  any lenders in the loss payable clause. Coverage should be for the full
  insurable value of the building only (not the land), on a replacement cost basis.
  
  
• Normally your lawyer contacts the water, hydro and gas departments to have the
  meters read on closing, new accounts set up in your name and final
  bills sent to the seller. Many buyers do a "double-check" a few
  days before closing, just to be sure. Contacting the telephone
  and cable TV companies is your responsibility.
  Plan to meet your lawyer a day or two before closing to review and
  sign all closing documents. Don't wait for the actual closing date, when
  so many other things must be done. At that time you should deliver
  the money needed for closing, in certified funds, payable to your lawyer in
  trust. Be sure to get information about any payments due right after
  closing - the mortgage, property taxes or condominium maintenance.