Real Estate

First Time Home Buyer - my offer just got accepted, have to get a mortgage by tommorrow!

  • Last Updated:
  • Jan 29th, 2021 2:32 pm
[OP]
Jr. Member
Nov 2, 2017
107 posts
7 upvotes

First Time Home Buyer - my offer just got accepted, have to get a mortgage by tommorrow!

Good Afternoon ,

I have to arrange a mortgage by tommorrow night otherwise the deal is off, couldnt sleep last night, so worried.

What questions should I ask my:

1. Mortgage broker

- what penalties should I watch for?
- im looking at a fixed rate
- ??


2. Real Estate lawyer

- what liens are there?
- ??

What else should I ensure?

I read the redflagdeals thread on mortgages.

Thanks.
23 replies
Newbie
Jan 23, 2010
72 posts
12 upvotes
u think mortageges one done in 2 minutes ? ... it takes a lot more than that to proove bank u worth thier money ...
Member
Dec 11, 2011
247 posts
321 upvotes
CALEDON
With the amount of deals that are going on right now, I don't think that is possible my friend.

I'm confused, most closings are 30-90 days from offer acceptance. How did this happen, I'm genuinely curious?
Deal Addict
Mar 2, 2017
1144 posts
2121 upvotes
Toronto
Financing condition needs to be met.

OP, you can ask your realtor to ask for an amendment to the financing condition deadline, that way you can get a few extra nights of sleep, and leave it for a week from now to worry about.
Realtor, Investor, CPA
Jr. Member
Mar 14, 2018
139 posts
225 upvotes
lol sorry OP, but this is a true sign of full-blown mania. Making an offer without being prepared or planning!
Deal Fanatic
Feb 22, 2011
9707 posts
11929 upvotes
Toronto
You have to get a mortgage or you have to waive the financing condition? Those are two very different things.
Sr. Member
Jan 7, 2005
746 posts
152 upvotes
Toronto
It is impossible to get a mortage in 1 day, bank need to go through data colllection (where you might need a couple of days to come up with the financial data), conditional approval, appraisal (that takes a few days by 3rd party), final approval, processing by your lawyer...etc.

Your best bet is to confirm your likelihood to get an approval for the mortgage amount from a trusted broker or banking partner, so you are confident at waving the financial condition. Just a note that your realtor is not doing a good job for you to put you in this situation. Perhaps as him/her to negotiate for a few more days to give you some breathing room.
Deal Addict
User avatar
Oct 26, 2007
2265 posts
1540 upvotes
YYZ
RichmondCA wrote: Financing condition needs to be met.

OP, you can ask your realtor to ask for an amendment to the financing condition deadline, that way you can get a few extra nights of sleep, and leave it for a week from now to worry about.
depending on how much interest was on the property he might lose it.
Licensed Full Service Realtor
Deal Fanatic
Dec 11, 2003
8182 posts
535 upvotes
I don't understand... why don't people get a proper pre-approval from a big bank first? The rate is higher, but at least they (usually) honour it and gives you more time to shop around instead of hoping for a mortgage approval in 24 hours.
October 2015 for sale, PM for details!
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Deal Guru
Sep 2, 2008
11598 posts
1524 upvotes
This guy's post history is hilarious. Yeah you're doing a thesis on mortgage fraud so want to know what checks they did. Oh but now you're lending money to someone so want to know how much checking people usually do to see if a t4 is fake. Oh but now you need a mortgage in a week. Oh but now you need a mortgage tomorrow!

Hmmmm
Last edited by slowtyper on Jan 25th, 2021 8:51 pm, edited 1 time in total.
Jr. Member
Mar 14, 2018
139 posts
225 upvotes
slowtyper wrote: This guy's post history is hilarious. Yeah you're doing a thesis on mortgage fraud so want to know what checks they did. Oh but now you're lending money to someone so want to know how much checking people do to see if your t4 is fake. Oh but now you need a mortgage in a week. Oh but now you need a mortgage tomorrow!

Hmmmm
Nice catch LOL. Going down the rabbit hole, this person had a 3-month contract job earlier last year... Probably not enough income so had to fake the t4 and her employer...Face With Tears Of Joy
[OP]
Jr. Member
Nov 2, 2017
107 posts
7 upvotes
I was already pre approved, but what I'd like to know is what should I be examining in the mortgage contract ( the fine print).

Thanks
Sr. Member
Mar 3, 2009
871 posts
340 upvotes
Ottawa, ON
Getbread wrote: I was already pre approved, but what I'd like to know is what should I be examining in the mortgage contract ( the fine print).

Thanks
This is RFD. If the price is good sign now and think later. You can always return it right?
Deal Addict
Jul 21, 2006
1082 posts
183 upvotes
If you need a real estate lawyer pm me
Deal Fanatic
Apr 5, 2016
5054 posts
3584 upvotes
Calgary/Vancouver
Getbread wrote: I was already pre approved, but what I'd like to know is what should I be examining in the mortgage contract ( the fine print).

Thanks
Preapprovals mean nothing. Full application including appraisal. The data entry and approval can be done in a day if you’re close with the broker and the FI, but idk if the sellers be willing to do an appraisal within hours. I’m surprised why you even signed with subjects only one day.
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Newbie
Nov 9, 2020
54 posts
31 upvotes
dr_torch wrote: This is RFD. If the price is good sign now and think later. You can always return it right?
Hahaha good one.

OP, if your situation is true, which doesn’t sound like it is since most standard conditions to protect buyer are 3 business days for approval or deal is nulled, there isn’t much you can change on a bank’s mortgage contract. You don’t like it? Go somewhere else. It’s you that need $$$ in X days. Not the bank.
Deal Addict
User avatar
Apr 12, 2013
1871 posts
819 upvotes
Markham
TO answer your question, you need look at the obviously the rate and the penalty if you want to break the contract. You should get a broker if you're new.
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Member
May 28, 2012
401 posts
345 upvotes
ONT
dr_torch wrote: This is RFD. If the price is good sign now and think later. You can always return it right?
Yes, get it from Costco........
Deal Addict
Jul 30, 2015
2591 posts
1557 upvotes
Toronto, ON
Your bet is that 24 hour mortgage pawn broker whose ads are on cp24 all the time.
No bank's gonna give you a mortgage in 1 day.
Deal Guru
User avatar
Oct 23, 2008
11707 posts
8178 upvotes
GTA, ON
canoek wrote: Your bet is that 24 hour mortgage pawn broker whose ads are on cp24 all the time.
No bank's gonna give you a mortgage in 1 day.
Did you just suggest "Harold the Jewellery Buyer", I mean, the 'Mortgage Closer'? :lol:

Man, that guy looks so sleazy. Sign your life away.
Tis banana is IRIE :razz:

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!

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