How long do mortgage approvals typically take?
Is it taking longer than usual these days?
Aug 9th, 2021 5:58 pm
Aug 9th, 2021 6:44 pm
Aug 9th, 2021 6:49 pm
Thank you.JayLove06 wrote: ↑ It depends, really. Is it an easy mortgage? What I mean is, no rental properties, no shaky or low income, janky credit history/low score, etc...
I find brokers are much quicker...In my experience....it can take days. The actual bank will take quite a bit of time. Banks are just really thorough and just generally slower. Even if it's a straight-forward deal. I've seen approvals take weeks....especially with COVID...everything is taking longer.
Aug 9th, 2021 7:23 pm
Broker before COVID I think quickest I got an approval is 2 days. During COVID less than a week. As for banks, I have multiple properties so looking for taxes and rental agreeents, etc can take time and sometimes I'm asked to clarify something so it could take longer but it's up to whoever is collecting your documentation to look it over properly. Few months ago I had someone at CIBC say they didn't have enough time to get an approval for me and close. That was maybe 2 weeks without even seeing any documentation or talking numbers. Maybe someone who got an approval within the last month or so can confirm.WinterSleep wrote: ↑ Thank you.
Let's say it's a relatively straightforward case, verifiable full-time employment and nothing bad in credit report and owner occupied.
When you say days, how many days typically? 5?
When you say some take weeks is it when something goes wrong that needs to checked? And has covid made the process longer or is it many more people applying these days?
When you say broker.. the broker can't approve anything right? He/she pre-approves by lender does their own approval.
Aug 9th, 2021 7:26 pm
Aug 9th, 2021 7:40 pm
Aug 10th, 2021 8:10 am
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Aug 10th, 2021 8:41 am
Aug 10th, 2021 8:41 am
This is true. A week is excellent if you’re a brand new customer. Which bank was this?
Aug 10th, 2021 10:04 am
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Nov 24th, 2021 2:40 pm
Nov 24th, 2021 3:57 pm
Nov 24th, 2021 7:14 pm
Nov 24th, 2021 7:22 pm
TD is notoriously slow. I've dealt with them on 2 occasions and went with a different bank.DToronto wrote: ↑ I had a pre-approval from TD, so I contacted the same mortgage broker at TD when I wanted to go ahead with a mortgage. He got back to me several months later lol
The pre-approval itself took nearly a month, despite having all my documents ready.
Ended up going with BMO, they took two weeks from the time I submitted my documents, very responsive and transparent about where the documents were and timelines.
Both were referrals.
Dec 13th, 2021 12:17 am
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Dec 13th, 2021 9:25 am
The consensus seems to be bigger banks are very slow especially through their own representative. It's better with brokers, but even with them if your closing is not in the next few weeks they can drag it along for small documents to complete file.