Why You Should Stay Put and Pause Vacation Plans Before Your Mortgage Completion
Buying a home is exciting packing boxes, planning décor, and imagining your new life. It’s easy to start thinking about vacations or celebratory trips around the same time your mortgage completes. But as your mortgage broker, I strongly recommend staying put and holding off on major trips until after your mortgage closes. Here’s why:
1. The Completion Process Can Be Unpredictable
Even with careful planning, completion day can be stressful and unpredictable. Last-minute paperwork, bank requirements, or adjustments to your funds can pop up. Being physically present ensures you can handle any unexpected issues immediately.
2. In-Person Appointments Are Often Required
Buying a home isn’t just about numbers it also involves legal and lender requirements:
Legal Meetings: Your lawyer or notary will require an in-person appointment to finalize documents.
Lender Requirements: Certain lenders also require in-person meetings for final approval or to sign critical documents.
Even if you plan ahead, amendments to the purchase agreement can occur at the last minute, requiring additional in-person appointments. Being away on vacation during this period could create delays or complications.
3. Protect Your Mortgage Approval
If your mortgage is approved, it’s based on your financial situation at the time of approval. Major purchases, large withdrawals, or changes to your income could jeopardize your approval. A vacation often comes with spending and credit card usage that could affect your debt-to-income ratio exactly when you don’t want it to.
4. Ensure Funds Are Ready
Closing your mortgage requires liquid funds for your down payment, closing costs, and any other fees. Taking a vacation before completion might strain your available funds or complicate transfers. Being on hand helps you coordinate everything seamlessly.
5. Avoid Stress
Buying a home is already a major life event. Adding travel logistics on top of it can make an already busy time more stressful. Staying local allows you to focus on what matters: ensuring your mortgage completes smoothly and moving into your new home without hiccups.
Bottom Line
Completion day is a big milestone, and being prepared is key. Stay put, keep your funds ready, and hold off on vacations until your mortgage has fully closed. Between in-person legal meetings, lender requirements, and potential last-minute amendments, being physically present can save you stress and delays. Once everything is finalized, you can celebrate your new home maybe with that vacation you’ve been dreaming of!