Real Estate

Question about bank mortgage approval docs

  • Last Updated:
  • Aug 19th, 2020 4:17 pm
Banned
Apr 7, 2019
94 posts
19 upvotes

Question about bank mortgage approval docs

Hi I have recently got a mortgage approval with hsbc. Just read alot of reviews about how many days before closing banks send final approval docs to lawyers. Some say happened on day and some few days before. Even read some had to book into hotel due to late docs sent to lawyer by banks.

Anyway with experiace or gone through this? How many days before closing did u get all bank docs to lawyers. Thanks
6 replies
Banned
Apr 7, 2019
94 posts
19 upvotes
Update down to 8 days until closing and still waiting for final approval. Very stressful. I hope they dont wait until last day closing or delay until after closing will be horrible.
Deal Addict
User avatar
Jan 2, 2012
4596 posts
3099 upvotes
Toronto
liquidsuite wrote: Update down to 8 days until closing and still waiting for final approval. Very stressful. I hope they dont wait until last day closing or delay until after closing will be horrible.
On my last home purchase we found a better rate last minute so the new lender ended up getting all required docs over to the lawyer the day before closing. Lawyer was very accommodating though so everything worked out fine and closed on time. Just keep your lawyer updated if there are any delays the lender is informing you about. Sometimes they like to re-check things right up to the end. Ideally they will send several days before so your lawyer has ample time.
Deal Addict
Jan 26, 2016
2240 posts
2272 upvotes
Toronto, ON
liquidsuite wrote: Update down to 8 days until closing and still waiting for final approval. Very stressful. I hope they dont wait until last day closing or delay until after closing will be horrible.
Why are you stressed? As long as you were upfront and didn't hide anything everything will go smooth - they won't send the approval until the day of.

The reason is they want to do a last check last minute, so you don't go and get a new car and 5 credit cards in the 8 days so their underwriting rules are breached.
Deal Fanatic
Jan 15, 2017
5750 posts
6123 upvotes
Ottawa
liquidsuite wrote: Update down to 8 days until closing and still waiting for final approval. Very stressful. I hope they dont wait until last day closing or delay until after closing will be horrible.
What conditions are still outstanding?
Banned
Apr 7, 2019
94 posts
19 upvotes
Ok so i posted today after 7 days waiting. Soon as i posted got answer today. My mortgage is all set and on way to lawyer. My lawyer said however that the person buying my existing home which closes same day there bank might not send anything over until day of closing. Oh well I guess we will just wait til closing day and hope all goes smoothly. Thanks all for comments
Deal Addict
Jan 1, 2013
2126 posts
1449 upvotes
Durham
rob444 wrote: On my last home purchase we found a better rate last minute so the new lender ended up getting all required docs over to the lawyer the day before closing. Lawyer was very accommodating though so everything worked out fine and closed on time. Just keep your lawyer updated if there are any delays the lender is informing you about. Sometimes they like to re-check things right up to the end. Ideally they will send several days before so your lawyer has ample time.
Risky to do that during Covid though as things are taking longer by some lenders in processing of deals.

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