Mortgage Blog

The Weather’s Getting Warmer, Are you Planning to Travel?

April 11, 2015 | Posted by: Kelleway Mortgage Architects

The Weather’s Getting Warmer, Are you Planning to Travel?

In the excitement of planning a vacation, sometimes the practicalities can slip by us.  For example, we’ve encountered clients who have just plain forgot to keep their official identification and insurance up to date.  Nothing spoils travel plans – or the efficient processing of a mortgage commitment – like lost or expired identification that may include driver’s licenses, health care cards, photo ID and, of course, passports.  Even for travelling to the United States, current passports and medical travel insurance is now a must!

Oh, and if you are purchasing real estate, have you allowed enough processing time before going on vacation for your mortgage financing and purchase contract to close at the lawyer’s office?   Spring and summer are the busiest times of year for real estate transactions, so please allow at least 10 business days for the lawyers to do their work after purchase contract subjects are removed -  and add some more days for statutory holidays!

Name discrepancies on official identification can also cause delays.  For example, changes to marital status may trigger requests from the lawyer’s office  for copies or originals of marriage certificates and/or separation agreements.  More common with the older generation, mix-ups in first names, middle names, nick names, shortened names and married names can cause inconsistencies amongst official identification and contracts.  With the increase in fraud and stricter legislation against money laundering and terrorism, lenders and lawyers are more particular when identifying sellers and buyers than in the past.

What's the Next Step for You?
1)    Keep us in mind and on hand in case anyone you know runs into the same sort of situaltion.
2)    Share this post with your friends and family because you never know when the info could come in handy.
3)    Call or Email Us just to connect and get started talking about your plans. (see below)
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Glen Kelleway, BSc, AMP, Senior Mortgage Planner & Owner

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