How long does it take for mortgage approval in Canada? Mortgage approvals usually take 2-10 working days.
How fast it takes to get mortgage approval varies on a number of factors including the lender you are working with and the complexity of your financial situation. In some cases, it may even take longer if you need to submit more information or documentation.
Best Tip For A Seamless Mortgage Application Process: Secure A Pre-Approval First
Mortgage pre-approvals are essentially estimates. It gives you a sense of security and peace of mind, letting you know exactly how much you can borrow.
This way, you can budget accordingly and avoid getting in over your head with a mortgage that is too large for you to handle. It can also help to speed up the mortgage application process, as the lender will already have much of the information they need to approve your loan.
You will also be able to lock in an interest rate for a duration of up to four months. If you can lock in a low enough interest rate, you can avoid getting hit by any sudden hikes.
An Overview Of The Mortgage Approval Process In Canada:
Here’s a quick look on the mortgage application process:
- Shop around and compare mortgage rates and terms from different lenders. This will help you find the best deal and determine how much you can afford to borrow.
- Decide on the type of mortgage that best suits your needs.
- Gather all of the required documentation. This includes proof of income, proof of employment, and proof of assets.
- Submit a mortgage pre-approval application to your chosen lender, along with all of the required documentation. The lender will review your application and conduct a credit check to assess your creditworthiness. They may also require a property appraisal to determine the value of the home you are looking to purchase.
- Approval. Upon approval, the lender will provide you with a mortgage pre-approval letter, which you can use to make an offer on a home.
- Final checks and documentation. Once you have found a home and the lender accepts your offer, they will conduct a final review of your application and supporting documentation. If everything is in order, they will issue a mortgage commitment letter and you can proceed with the home-buying process.
- Get your dream home. Once all of the necessary documents have been signed and the mortgage funds are disbursed, you will officially become the owner of the property.
Stress-free home-buying with Premiere Mortgage Centre
Get rid of all the headaches associated with the mortgage application process. Let us handle it.
Premiere Mortgage Centre helps you find the right mortgage solution. Our team of experienced brokers will work closely with you to understand your financial situation and identify the best options available. If you’re ready to get a head start on your mortgage application, reach out to us by clicking here.