A Crucial Warning for Home Buyers Approaching Their Closing Date

Josh Perez • June 10, 2024

Josh Perez here. I want to share an important message for all home buyers who are nearing their closing date. In the past week alone, I’ve encountered two situations that underscore the need for caution. These instances involved either desperate or misinformed mortgage professionals—one from a bank and one from another broker. If you're within one to two weeks of your closing date and already have mortgage approval, it's crucial to stay the course and not start a new process elsewhere.

"Anyone who actually cares about your wellbeing and not the sale of a transaction for themselves should be very cautious about jumping into your file two weeks before your closing for the first time."

Timing Matters

While shopping for the right mortgage product and professional is important, timing is everything. Changing your mortgage plans one to two weeks before your closing date is extremely risky. Anyone who genuinely cares about your wellbeing—and not just closing a transaction—should be cautious about jumping into your file so close to the closing date.


Recognizing Red Flags

One key warning sign is when someone offers an interest rate without thoroughly reviewing your file, income, documents, and credit. For example, this week, a bank representative gave a rate to one of our clients, who then asked if we could match it. We could match the rate, but we knew our client couldn't qualify for the approval terms from that lender. If we had backed out, our client would have lost a crucial $300,000 home equity line of credit or needed an extra $250,000 for the down payment, which they didn't have.


The Danger of Last-Minute Changes

In another case, a mortgage broker intervened 10 days before closing, submitting an application to a lender where we already had approval. This action led to a decline for the other broker because sending multiple applications to the same lender can result in automatic disqualification due to conflicting information. This last-minute change would have jeopardized the client's approval and put their deposit at risk.


Final Advice

While I support mortgage shopping, it should be done well before your purchase or during the conditional period—not two weeks before closing. This late in the process, you're putting yourself and your family at significant risk. Stick with your current plan, and make any changes long before the closing date to ensure a smooth and successful transaction.

Stay informed and cautious out there!


Cheers,

Josh Perez


Josh Perez
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Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By Josh Perez • May 13, 2026
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.
Modern navy kitchen with marble island, pendant lights, and a vase of white flowers

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By Josh Perez • May 6, 2026
Is waiting for lower rates the right move? Learn when holding off on buying a home in Ontario actually makes sense — and when it's quietly costing you money.