Closing on a mortgage involves a bit of paperwork and coordination, but don’t worry—I’ll guide you through what you’ll need to wrap things up smoothly. Here’s a rundown of the essentials:

1. Identification: You’ll need to provide valid ID to verify your identity. Typically, this includes a government-issued photo ID like a driver’s license or passport. Your lawyer or notary will need this to finalize the paperwork.

2. Proof of Homeowner’s Insurance: Before closing, you’ll need to have homeowner’s insurance in place. Your lender will usually require proof that you’ve secured a policy covering the home from damage or loss. This is often sent directly to your lender or brought to the closing.

3. Down Payment: Make sure you have your down payment ready. This amount will be transferred to the seller at closing. Your real estate agent or lawyer will provide instructions on how to arrange this, typically via a certified check or wire transfer.

4. Closing Costs: Be prepared to pay closing costs, which can include:

   – Legal Fees: Your lawyer or notary will charge for their services in preparing and reviewing documents.

   – Land Transfer Tax: In Ontario, this is a tax based on the purchase price of the home. As a first-time buyer, you might be eligible for a refund of up to $4,000.

   – Title Insurance: This protects against any issues with the property’s title and is often required by lenders.

   – Disbursements: These are various fees that your lawyer or notary might charge, such as registration fees or courier costs.

   Your lawyer will provide a detailed statement of these costs before closing, so you’ll know exactly what to expect.

5. Mortgage Documents: You’ll need to sign several documents related to your mortgage. This includes the mortgage agreement, promissory note, and any other documents your lender requires. Your lawyer or notary will review these with you to ensure everything is in order.

6. Purchase Agreement: This is the final version of the agreement between you and the seller. It includes all terms and conditions of the sale and any amendments made during negotiations.

7. Proof of Payment: You’ll need to provide proof that all payments have been made, including the down payment and any additional funds required. This is typically done through bank statements or payment receipts.

8. Final Walkthrough: Before closing, it’s a good idea to do a final walkthrough of the property. This ensures that the home is in the agreed-upon condition and that any negotiated repairs have been completed.

9. Adjustments: Your closing documents will include adjustments for any prepaid property taxes or utilities. This ensures that costs are fairly divided between you and the seller based on the closing date.

10. Keys and Possession: Once everything is signed and funds are transferred, you’ll receive the keys to your new home. This is the exciting part where you officially take possession of the property!

Closing on a mortgage is a detailed process, but with everything prepared and organized, it should go smoothly. If you have any questions or need help along the way, just let me know—I’m here to support you through every step of the journey. Congratulations on your new home!