Read the offer, the conditions and the closing figures together before treating the mortgage as ready to fund.
An offer with details to complete
A mortgage commitment sets out the lender’s proposed financing and its conditions. Receiving it is a point to review carefully, not a reason to assume every funding requirement has been cleared. FSRA notes that conditions can include insurance, an appraisal deadline or further documents. FSRA guidance on commitment letters.
Keep the complete version, including referenced schedules. Ask your broker or lender to identify anything still outstanding and who will confirm that each item is accepted.
Check the core terms against your request
For a federally regulated lender, FCAC explains that mortgage disclosures cover matters such as principal, payment, term, amortization, interest, prepayment terms and charges. FCAC mortgage disclosure rights.
Compare those figures with the offer you intended to accept. Check the borrower names, property address, purpose and dates as well. If there is a discrepancy, request a correction rather than relying on a verbal explanation that the final version will be different.
Turn conditions into a short tracker
Make four columns: condition, person responsible, deadline and confirmation received. “Bank statement sent” and “source of funds accepted by the lender” are different stages. Recording both prevents an uploaded document from being mistaken for a completed condition.
Give time-sensitive items a clear follow-up date. If an appraisal or insurance document is pending, ask what happens if it arrives late. Keep the lender’s acceptance or your professional’s confirmation with the document so the status is easy to check.
Reconcile the closing money
Consider a hypothetical $450,000 refinance. If $390,000 repays the current mortgage, $20,000 clears other debts and $5,000 covers costs, $35,000 remains. Ask the lawyer to reconcile the actual closing statement to the approved advance.
A difference may come from a changed payout balance, daily interest or another adjustment. Identify it instead of quietly changing a calculator input. Label estimates clearly and replace them when confirmed statements arrive. Count each charge and debt payout once.
Read the clauses that affect your plans
Highlight the sections about early repayment, renewal, a future sale and any required debt or account closure. Ask your lawyer to explain the consequences of signing, including any fees if the transaction does not complete. Do not assume that an unread schedule is less important than the first page.
Then ask a practical question: if your plans change six months after closing, which parts of this mortgage could become expensive or restrictive? The answer should refer to this agreement, not a generic product brochure.
Confirm what is ready before funding
Before the scheduled closing, review the tracker with the people handling the file. Confirm which conditions are cleared, which legal steps remain and how much money you must provide. Report changes to the facts in your application promptly rather than assuming they are irrelevant.
Use the calculator as a comparison worksheet, then check its payment and payout figures against the final documents. Keep the signed commitment, amendments and closing statement together; they explain what you agreed to and what actually happened.
Put the figures into a scenario
Use the appropriate assumptions, compare the results and save a summary for your file.
Open the Residential Calculator →Sources and review
References checked September 22, 2026. Examples are illustrative; confirm the lender, insurer and program requirements for your situation.