Call everyone on your team.
Your real estate team.
Get your mind out of the gutter.
I’m in the middle of buying a new principle residence and almost made one of the most deadly, amateurish mistakes in the history of time: removing conditions without making sure they’ve actually been satisfied.
In my case I recently returned to a job and most people in new jobs don’t have a payment history or they’re on probation or something. You can be pretty much certain that the bank is going to call your employer. My broker had sent me a commitment from the lender and I thought we were good to go, so I removed conditions. I didn’t realize that the lender hadn’t called my employer yet. If something had been wrong or the HR people said they were about to fire me, my mortgage would have disappeared and we would have been screwed.
If you wave the conditions of purchase (a.k.a. go unconditional) and your mortgage falls through, you’re screwed. At the very least you’ll lose several thousand dollars worth of deposit and at worst you’ll be forced to complete the contract. Now, if you do lose the mortgage you’ve lined up, there are usually alternatives, both with regular lenders and with secondary lenders. It’s much simpler to follow one simple rule:
Before you go unconditional, call all the members of your team and make sure you’re good to go. Get it in writing from your mortgage broker/banker.