An accepted offer can feel like the finish line, but your mortgage is not complete until the lender funds it. Between approval and closing, changes to your credit, income, debts, down-payment funds or purchase agreement may require another review.
This does not mean every change will cause a problem. It means the safest approach is simple: before making a significant financial or employment change, speak with your mortgage professional and confirm what documentation or lender review may be needed.
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Eight changes to discuss before your mortgage closes
1. Applying for or co-signing new credit
New credit cards, lines of credit, personal loans and co-signed debts can change your credit profile and monthly obligations. Even if you do not plan to use a new account immediately, the application itself may create a credit inquiry and the new limit or payment may need to be considered.
Before applying, ask whether the lender needs to review the proposed account and how it may affect your qualification.
2. Financing or leasing a vehicle
A vehicle payment can materially change the debt used in a mortgage calculation. The effect depends on the payment, your income, your other obligations and the lender’s guidelines.
If a vehicle purchase cannot wait until after closing, share the expected payment and financing details before signing the agreement.
3. Making major purchases on credit
It is natural to want furniture, appliances or renovation materials ready for move-in day. Putting large purchases on a credit card or financing them before closing can increase balances and monthly payments at the wrong time.
Unless the impact has been reviewed, it is generally safer to wait until the mortgage has funded.
4. Changing jobs or how you are paid
A new role may be a positive move, but a lender may need to confirm the new employer, income, start date, probation period and pay structure. Changes from salary to commission, reduced hours, a leave of absence or a move to self-employment may require a different assessment.
Do not assume that a higher salary automatically removes the need for review. Discuss the timing before giving notice or accepting a change that will take effect before closing.
5. Missing or delaying payments
Continue paying credit cards, loans, taxes and other obligations by their due dates. Closing costs and moving expenses can make cash flow feel tight, but a late or missed payment may affect your credit history and create questions during a final review.
6. Moving down-payment or closing funds without a clear paper trail
Lenders commonly require evidence showing where the down payment and closing funds came from. Moving money between accounts, receiving a gift, liquidating an investment or depositing a large amount is not necessarily a problem, but it may create additional documentation requirements.
Before moving funds, ask which statements, transfer confirmations or gift documents should be retained. Avoid cash deposits that are difficult to document.
7. Making large changes to credit balances or accounts
Try not to raise credit-card balances, close established accounts, increase limits or make other material credit changes without first checking the potential effect. Paying down debt may be helpful, but if it is part of the approval plan, confirm the required timing and proof of payment.
8. Changing the purchase agreement or transaction details
Tell your mortgage professional promptly if the purchase price, closing date, property, financing condition, credits, incentives or other terms of the agreement change. The lender’s approval is based on a specific borrower, property and transaction.
What if a change is unavoidable?
Life does not always wait for closing. If something changes, do not hide it or assume it is too late to discuss. A practical response is to:
- Contact your mortgage professional as soon as possible.
- Explain exactly what changed and when it takes effect.
- Keep the supporting documents, statements and agreements.
- Wait for guidance before taking another related step.
Early notice usually gives the financing team more time to understand the effect, request updated documents and consider available options.
A short pause can protect a long-planned purchase
The safest rule between approval and closing is not “do nothing.” It is “ask before you act.” A five-minute conversation before a major financial, employment or transaction change may prevent an avoidable surprise near closing.
Unsure? Ask before you act.
Before changing jobs, applying for credit, moving funds or making a large purchase, share the details so the potential impact can be reviewed.
General educational information only. It is not a mortgage approval, commitment to lend or advice for a specific transaction. Requirements vary by lender, borrower and property. Do not send sensitive financial documents by regular email; ask for the secure submission method.
Sources: Financial Consumer Agency of Canada: Getting preapproved for a mortgage; Credit report and score basics.